N-Q 1 fp0007782_nq.htm fp0007782_nq.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act File Number 811-22648
 
Aspiriant Global Equity Trust
(Exact name of registrant as specified in charter)

11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Address of principal executive offices) ( Zip code)

Robert J. Francais
Aspiriant Global Equity Trust
11100 Santa Monica Boulevard Suite 600
Los Angeles, California 90025
(Name and address of agent for service)

Registrant's telephone number, including area code: (310) 806-4000
 
Date of fiscal year end: Feb 28
 
Date of reporting period: May 31, 2013

 
 
 
 
Item 1.  Schedule of Investments.
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
           
   
COMMON STOCK – 90.2%
      
   
AUSTRALIA – 1.9%
      
  10,103  
Adelaide Brighton Ltd.
   $ 31,914  
  5,100  
Alumina Ltd.*
     4,937  
  103,488  
Arrium Ltd.
     78,154  
  3,141  
Asciano Ltd.
     15,051  
  350  
ASX Ltd.
     12,472  
  5,483  
Australia & New Zealand Banking Group Ltd.
     143,026  
  9,863  
Bank of Queensland Ltd.
     82,292  
  4,430  
Bendigo and Adelaide Bank Ltd.
     41,570  
  5,297  
BHP Billiton Ltd. - ADR
     172,929  
  5,752  
Bradken Ltd.
     25,361  
  5,105  
Brambles Ltd.
     44,469  
  1,359  
Caltex Australia Ltd.
     28,986  
  5,923  
CFS Retail Property Trust - REIT
     11,355  
  13,713  
Challenger Ltd.*
     52,643  
  3,266  
Commonwealth Bank of Australia
     207,495  
  883  
Computershare Ltd.
     9,379  
  2,382  
CSL Ltd.
     135,537  
  13,622  
Dexus Property Group - REIT
     14,272  
  30,737  
Downer EDI Ltd.
     108,314  
  3,245  
DUET Group
     7,189  
  11,800  
Fairfax Media Ltd.
     6,914  
  2,772  
Fortescue Metals Group Ltd.
     8,650  
  6,475  
Goodman Group - REIT
     31,601  
  4,208  
GPT Group - REIT
     15,584  
  1,382  
GrainCorp Ltd. - Class A
     16,710  
  4,942  
Incitec Pivot Ltd.
     13,638  
  9,241  
Insurance Australia Group Ltd.
     49,871  
  3,304  
JB Hi-Fi Ltd.*
     47,294  
  2,452  
Leighton Holdings Ltd.
     40,695  
  1,065  
Lend Lease Group
     10,135  
  11,202  
Lynas Corp. Ltd.*
     5,882  
  3,222  
Macquarie Group Ltd.
     131,382  
  12,614  
Mirvac Group - REIT
     20,106  
  43,692  
Myer Holdings Ltd.
     101,681  
  5,122  
National Australia Bank Ltd.
     140,910  
  3,430  
Newcrest Mining Ltd.
     46,860  
  8,704  
Primary Health Care Ltd.
     42,327  
  68,000  
Qantas Airways Ltd.*
     102,862  
  111  
Ramsay Health Care Ltd.
     3,669  
  3,807  
Regis Resources Ltd.*
     14,505  
  494  
Rio Tinto Ltd.
     25,591  
  238  
Santos Ltd.
     2,940  
  3,740  
Seven West Media Ltd.
     7,819  
  3,950  
Sims Metal Management Ltd.
     36,316  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
AUSTRALIA (Continued)
        
  1,327  
Sonic Healthcare Ltd.
   $ 17,996  
  20,669  
Spark Infrastructure Group
     34,473  
  8,294  
Stockland - REIT
     28,763  
  10,021  
Suncorp Group Ltd.
     118,651  
  7,599  
Tabcorp Holdings Ltd.
     23,822  
  21,079  
Tatts Group Ltd.
     64,470  
  33,395  
Telstra Corp. Ltd.
     151,000  
  60,639  
Transfield Services Ltd.
     53,108  
  1,339  
Wesfarmers Ltd.
     50,029  
  7,957  
Westfield Group - REIT
     87,336  
  10,968  
Westfield Retail Trust - REIT
     32,187  
  6,470  
Westpac Banking Corp.
     174,372  
  1,767  
Woodside Petroleum Ltd.
     60,226  
  4,371  
Woolworths Ltd.
     137,434  
            3,185,154  
               
     
AUSTRIA – 0.1%
        
  558  
CA Immobilien Anlagen A.G.*
     7,534  
  506  
Conwert Immobilien Invest S.E.
     5,903  
  3,185  
Oesterreichische Post A.G.
     130,329  
  931  
Wienerberger A.G.
     11,673  
            155,439  
               
     
BELGIUM – 0.5%
        
  145  
Ackermans & van Haaren N.V.
     12,640  
  3,593  
Anheuser-Busch InBev N.V.
     330,863  
  138  
Befimmo SCA Sicafi - REIT*
     9,165  
  144  
Cofinimmo - REIT*
     16,560  
  1,172  
Colruyt S.A.
     59,830  
  681  
D'Ieteren N.V. S.A.
     30,094  
  771  
Delhaize Group S.A.
     49,165  
  1,816  
Solvay S.A.
     262,123  
  207  
ThromboGenics N.V.*
     8,594  
            779,034  
               
     
BERMUDA – 2.6%
        
  1,592  
African Minerals Ltd.*
     6,091  
  14,400  
Aircastle Ltd.1
     227,808  
  6,500  
Aspen Insurance Holdings Ltd.
     238,810  
  10,800  
Axis Capital Holdings Ltd.1
     470,448  
  2,800  
Bunge Ltd.
     194,880  
  39,768  
BW Offshore Ltd.
     52,592  
  1,000  
Cheung Kong Infrastructure Holdings Ltd.
     6,932  
  9,700  
Continental Gold Ltd.*
     38,641  
  800  
Endurance Specialty Holdings Ltd.
     40,264  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
BERMUDA (Continued)
        
  6,300  
Energy XXI Bermuda Ltd.
   $ 160,839  
  12,100  
Esprit Holdings Ltd.
     18,414  
  5,900  
Everest Re Group Ltd.
     764,699  
  4,000  
First Pacific Co., Ltd.
     5,294  
  8,000  
Giordano International Ltd.
     7,562  
  1,852,000  
GOME Electrical Appliances Holding Ltd.*
     189,570  
  5,144  
Gulf Keystone Petroleum Ltd.*
     12,323  
  6,600  
Helen of Troy Ltd.*
     261,822  
  4,075  
Hiscox Ltd.
     34,271  
  39,300  
Marvell Technology Group Ltd.1
     426,012  
  59,000  
Noble Group Ltd.
     48,195  
  3,000  
NWS Holdings Ltd.
     5,222  
  4,000  
Orient Overseas International Ltd.
     25,069  
  1,900  
Orient-Express Hotels Ltd. - Class A*
     22,496  
  2,343  
Petra Diamonds Ltd.*
     4,083  
  3,400  
Platinum Underwriters Holdings Ltd.
     194,140  
  6,700  
Signet Jewelers Ltd.
     459,017  
  9,000  
Validus Holdings Ltd.1
     324,990  
  1,200  
VTech Holdings Ltd.
     17,638  
  13,000  
Yue Yuen Industrial Holdings Ltd.
     37,879  
            4,296,001  
               
     
BRAZIL – 2.3%
        
  43,800  
CCR S.A.*
     399,595  
  3,700  
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR
     181,892  
  14,700  
Cia de Saneamento Basico do Estado de Sao Paulo - ADR
     186,984  
  27,866  
Cia Energetica de Minas Gerais - ADR
     290,364  
  1,500  
Cia Hering
     26,956  
  840  
Cielo S.A.
     21,571  
  10,100  
Companhia de Bebidas das Americas (AmBev) - ADR
     384,507  
  34,400  
CPFL Energia S.A.
     361,539  
  14,100  
EcoRodovias Infraestrutura e Logistica S.A.
     111,586  
  67,600  
EDP - Energias do Brasil S.A.*
     399,262  
  7,500  
Light S.A.
     60,825  
  8,295  
Localiza Rent a Car S.A.*
     127,496  
  29,400  
MMX Mineracao e Metalicos S.A.*
     23,061  
  14,400  
Natura Cosmeticos S.A.
     341,007  
  2,000  
Raia Drogasil S.A.
     21,458  
  29,000  
Souza Cruz S.A.
     393,608  
  8,600  
Telefonica Brasil S.A. - ADR
     212,506  
  16,900  
Tractebel Energia S.A.*
     291,556  
            3,835,773  
               
     
CANADA – 2.8%
        
  7,600  
Advantage Oil & Gas Ltd.*
     32,988  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
CANADA (Continued)
        
  1,300  
Aecon Group, Inc.
   $ 13,969  
  500  
AGF Management Ltd. - Class B
     5,493  
  1,700  
Agnico Eagle Mines Ltd.
     55,259  
  1,400  
Agrium, Inc.
     129,447  
  4,500  
Aimia, Inc.
     64,456  
  4,300  
Alacer Gold Corp.
     9,291  
  300  
Allied Properties REIT - REIT
     9,705  
  600  
ARC Resources Ltd.
     16,610  
  500  
Artis REIT - REIT
     7,861  
  400  
Astral Media, Inc. - Class A
     18,751  
  800  
Atco Ltd. - Class I
     71,763  
  600  
Athabasca Oil Corp.*
     4,248  
  1,000  
Aurizon Mines Ltd.*
     3,704  
  3,600  
Bank of Montreal
     213,101  
  900  
Bank of Nova Scotia
     51,252  
  900  
Bankers Petroleum Ltd.*
     2,561  
  200  
Baytex Energy Corp.
     7,593  
  200  
Boardwalk REIT - REIT
     11,768  
  300  
Bonavista Energy Corp.
     4,720  
  200  
Bonterra Energy Corp.
     9,933  
  1,300  
Brookfield Asset Management, Inc. - Class A
     45,843  
  600  
Brookfield Office Properties, Inc.
     10,313  
  500  
Calloway REIT - REIT
     13,557  
  500  
Canaccord Financial, Inc.
     3,019  
  400  
Canadian Apartment Properties REIT - REIT
     9,503  
  300  
Canadian Energy Services & Technology Corp.
     4,424  
  1,700  
Canadian Imperial Bank of Commerce
     128,474  
  1,000  
Canadian National Railway Co.
     101,481  
  2,700  
Canadian Natural Resources Ltd.
     80,473  
  800  
Canadian Pacific Railway Ltd.
     106,363  
  300  
Canadian REIT - REIT
     12,663  
  5,000  
Capstone Infrastructure Corp.
     19,822  
  17,500  
Capstone Mining Corp.*
     38,486  
  5,900  
Celestica, Inc.*
     54,405  
  300  
CI Financial Corp.
     8,733  
  1,200  
Cineplex, Inc.
     39,643  
  600  
CML HealthCare, Inc.
     4,404  
  22,000  
Colossus Minerals, Inc.*
     37,560  
  600  
Cominar REIT - REIT
     13,039  
  58,000  
Connacher Oil and Gas Ltd.*
     4,196  
  900  
Corus Entertainment, Inc.
     20,843  
  900  
Crescent Point Energy Corp.
     32,588  
  400  
Davis + Henderson Corp.
     9,059  
  500  
Dominion Diamond Corp.*
     7,615  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
CANADA (Continued)
        
  300  
Dream Unlimited Corp. - Class A*
   $ 3,935  
  300  
Dundee Corp. - Class A*
     6,803  
  400  
Dundee REIT - Class A - REIT
     13,153  
  1,400  
Eldorado Gold Corp.
     11,316  
  500  
Empire Co., Ltd.
     32,409  
  500  
Enerflex Ltd.
     6,414  
  400  
Enerplus Corp.
     6,239  
  2,300  
Ensign Energy Services, Inc.
     37,647  
  600  
Extendicare, Inc.
     4,126  
  900  
First Capital Realty, Inc.
     16,789  
  200  
FirstService Corp.*
     6,366  
  18,400  
Fortuna Silver Mines, Inc.*
     58,745  
  300  
Franco-Nevada Corp.
     12,518  
  1,000  
Freehold Royalties Ltd.
     22,985  
  18,200  
Gabriel Resources Ltd.*
     24,401  
  200  
Genivar, Inc.
     4,811  
  1,400  
Genworth MI Canada, Inc.
     32,909  
  2,000  
Gibson Energy, Inc.
     48,536  
  1,900  
Goldcorp, Inc.
     56,391  
  600  
Great-West Lifeco, Inc.
     16,772  
  800  
Guyana Goldfields, Inc.*
     1,157  
  300  
H&R REIT - REIT
     6,687  
  3,700  
HudBay Minerals, Inc.
     29,443  
  5,000  
Husky Energy, Inc.
     141,259  
  200  
IGM Financial, Inc.
     9,375  
  300  
Imperial Metals Corp.*
     3,183  
  2,100  
Imperial Oil Ltd.
     82,015  
  2,400  
Industrial Alliance Insurance & Financial Services, Inc.
     90,352  
  600  
Innergex Renewable Energy, Inc.
     5,776  
  300  
InnVest REIT - REIT
     1,374  
  600  
Jean Coutu Group PJC, Inc. - Class A
     9,821  
  300  
Keyera Corp.
     17,333  
  400  
Killam Properties, Inc.
     4,676  
  9,400  
Kinross Gold Corp.
     61,654  
  700  
Laurentian Bank of Canada
     29,809  
  300  
Linamar Corp.
     8,415  
  2,300  
Lions Gate Entertainment Corp.*1
     66,240  
  600  
Loblaw Cos. Ltd.
     28,763  
  200  
MacDonald Dettwiler & Associates Ltd.
     13,452  
  1,200  
Magna International, Inc.
     80,027  
  2,600  
Major Drilling Group International
     17,078  
  100  
Manitoba Telecom Services, Inc.
     3,440  
  600  
Maple Leaf Foods, Inc.
     7,118  
  300  
MEG Energy Corp.*
     8,502  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
CANADA (Continued)
        
  200  
Methanex Corp.
   $ 8,849  
  300  
Morguard REIT - REIT
     5,408  
  2,200  
Mullen Group Ltd.
     45,623  
  14,900  
Nevsun Resources Ltd.
     53,894  
  900  
New Gold, Inc.*
     6,120  
  300  
North West Co., Inc.
     7,278  
  200  
Northern Property REIT - REIT
     5,922  
  200  
Northland Power, Inc.
     3,577  
  1,800  
OceanaGold Corp.*
     3,316  
  700  
Onex Corp.
     33,111  
  700  
Open Text Corp.
     47,634  
  900  
Osisko Mining Corp.*
     3,872  
  2,900  
Parkland Fuel Corp.
     49,902  
  400  
Pason Systems, Inc.
     6,829  
  900  
Penn West Petroleum Ltd.
     9,202  
  1,400  
Petrominerales Ltd.
     8,264  
  700  
Power Corp. of Canada
     19,648  
  400  
Pretium Resources, Inc.*
     3,279  
  700  
Quebecor, Inc. - Class B
     31,241  
  4,100  
Reitmans Canada Ltd. - Class A
     36,185  
  300  
RioCan REIT - REIT
     7,958  
  200  
Ritchie Bros Auctioneers, Inc.
     4,128  
  2,500  
Rogers Communications, Inc. - Class B
     113,335  
  4,000  
Romarco Minerals, Inc.*
     1,929  
  800  
RONA, Inc.
     8,071  
  4,600  
Royal Bank of Canada
     273,005  
  500  
Savanna Energy Services Corp.
     3,468  
  2,700  
Shaw Communications, Inc. - Class B
     60,185  
  1,300  
ShawCor Ltd.
     52,226  
  3,500  
Sherritt International Corp.
     15,664  
  1,100  
Silver Standard Resources, Inc.*
     8,679  
  700  
Silver Wheaton Corp.
     16,603  
  1,100  
SNC-Lavalin Group, Inc.
     43,321  
  2,900  
Sun Life Financial, Inc.
     84,923  
  7,100  
Suncor Energy, Inc.
     215,380  
  3,200  
Superior Plus Corp.
     36,792  
  6,800  
Talisman Energy, Inc.
     79,560  
  1,100  
Taseko Mines Ltd.*
     2,472  
  700  
Teck Resources Ltd.
     18,696  
  14,400  
Tesco Corp.*
     183,744  
  3,600  
Torex Gold Resources, Inc.*
     5,903  
  2,000  
Toronto-Dominion Bank
     162,026  
  300  
Tourmaline Oil Corp.*
     12,211  
  1,800  
TransCanada Corp.
     82,573  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
CANADA (Continued)
        
  400  
Transcontinental, Inc. - Class A
   $ 4,753  
  1,200  
TransForce, Inc.
     23,219  
  700  
TransGlobe Energy Corp.*
     5,158  
  5,600  
Trinidad Drilling Ltd.
     39,593  
  800  
Turquoise Hill Resources Ltd.*
     5,340  
  600  
Uranium Participation Corp.*
     2,934  
  700  
Valeant Pharmaceuticals International, Inc.*
     64,406  
  200  
Vermilion Energy, Inc.
     10,078  
  100  
Wajax Corp.
     3,158  
  100  
Whitecap Resources, Inc.
     1,055  
  7,300  
Wi-Lan, Inc.
     31,052  
  1,500  
Yamana Gold, Inc.
     17,680  
            4,791,625  
               
     
CAYMAN ISLANDS – 0.5%
        
  6,500  
AAC Technologies Holdings, Inc.
     36,644  
  500  
ASM Pacific Technology Ltd.
     5,929  
  123,000  
Belle International Holdings Ltd.
     187,844  
  14,400  
Fresh Del Monte Produce, Inc.
     385,488  
  50,000  
Geely Automobile Holdings Ltd.
     24,571  
  52,867  
Polarcus Ltd.*
     52,923  
  6,000  
Sands China Ltd.
     31,656  
  2,300  
Tencent Holdings Ltd.
     90,530  
  8,000  
Tingyi Cayman Islands Holding Corp.
     20,544  
  10,000  
Wynn Macau Ltd.
     29,471  
            865,600  
               
     
CHILE – 1.0%
        
  14,900  
Banco Santander Chile - ADR
     362,815  
  63,245  
Cencosud S.A.
     334,362  
  23,100  
Enersis S.A. - ADR
     387,156  
  35,700  
S.A.C.I. Falabella
     408,965  
  4,900  
Sociedad Quimica y Minera de Chile S.A. - ADR
     227,507  
            1,720,805  
               
     
CHINA – 0.5%
        
  8,000  
China Shenhua Energy Co., Ltd. - Class H
     25,996  
  120,000  
China Telecom Corp. Ltd. - Class H
     57,171  
  146,000  
PetroChina Co., Ltd. - Class H
     169,130  
  16,800  
Sinopharm Group Co., Ltd. - Class H
     45,269  
  36,000  
Tsingtao Brewery Co., Ltd. - Class H
     250,284  
  39,000  
Zhuzhou CSR Times Electric Co., Ltd. - Class H
     121,606  
  436,000  
Zijin Mining Group Co., Ltd. - Class H
     120,552  
            790,008  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
CURACAO – 0.1%
        
  3,500  
Orthofix International N.V.*
   $ 96,740  
               
     
DENMARK – 0.2%
        
  7,501  
GN Store Nord A/S
     143,583  
  851  
NKT Holding A/S
     34,450  
  1,719  
Pandora A/S
     59,378  
  909  
Sydbank A/S*
     20,303  
  2,319  
Topdanmark A/S*
     59,096  
            316,810  
               
     
FINLAND – 0.3%
        
  2,444  
Citycon OYJ*
     7,746  
  2,465  
Huhtamaki OYJ
     46,636  
  2,207  
Metso OYJ
     84,422  
  11,347  
Orion OYJ - Class B
     279,284  
  4,317  
Ramirent OYJ
     41,313  
  2,221  
Sponda OYJ
     11,495  
  810  
Tieto OYJ
     16,604  
  1,632  
YIT OYJ
     31,706  
            519,206  
               
     
FRANCE – 1.8%
        
  409  
Alten S.A.*
     15,232  
  3,818  
AXA S.A.
     77,084  
  2,174  
BNP Paribas S.A.
     127,222  
  3,148  
Cie Generale des Etablissements Michelin
     274,727  
  3,347  
Danone S.A.
     247,127  
  12,686  
Derichebourg S.A.*
     48,946  
  1,059  
Essilor International S.A.
     116,516  
  9,506  
Groupe Eurotunnel S.A.
     76,502  
  1,141  
Kering
     247,947  
  400  
Klepierre - REIT
     17,220  
  25,855  
Maurel & Prom Nigeria S.A.*
     129,388  
  246  
Nexity S.A.*
     8,798  
  13,609  
PagesJaunes Groupe*
     32,435  
  1,305  
Plastic Omnium S.A.
     69,131  
  2,181  
Renault S.A.
     168,330  
  3,273  
Safran S.A.
     173,975  
  3,553  
Sanofi
     378,850  
  2,430  
Societe BIC S.A.
     258,723  
  1,519  
Societe Generale S.A.
     60,581  
  98  
Societe Immobiliere de Location pour l'Industrie et le Commerce (SILIC) - REIT
     11,565  
  23,207  
Technicolor S.A.*
     98,493  
  2,129  
Teleperformance
     100,207  
  6,036  
Total S.A.
     301,700  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
FRANCE (Continued)
        
  2,217  
UBISOFT Entertainment*
   $ 28,983  
            3,069,682  
               
     
GERMANY – 1.8%
        
  113  
Adidas A.G.
     12,286  
  468  
Alstria Office REIT A.G. - REIT*
     5,659  
  12,214  
Balda A.G.
     70,147  
  1,767  
BASF S.E.
     171,250  
  2,781  
Bayer A.G.
     297,198  
  2,082  
Bayerische Motoren Werke A.G.
     197,578  
  138  
BayWa A.G.*
     6,944  
  110  
Bertrandt A.G.
     11,894  
  937  
Continental A.G.
     122,599  
  1,107  
Deutsche Bank A.G.
     51,433  
  474  
Deutsche Boerse A.G.
     30,558  
  426  
Deutsche Euroshop A.G.
     18,396  
  5,987  
Deutsche Lufthansa A.G.*
     128,450  
  9,388  
Deutsche Post A.G.
     236,577  
  1,500  
Deutsche Wohnen A.G.
     27,926  
  1,951  
Drillisch A.G.
     31,717  
  1,346  
Duerr A.G.
     87,271  
  5,767  
Freenet A.G.*
     123,234  
  111  
Fuchs Petrolub A.G.
     8,188  
  175  
Gesco A.G.
     17,654  
  1,528  
Gildemeister A.G.*
     35,048  
  1,916  
Grammer A.G.
     65,889  
  445  
GSW Immobilien A.G.
     17,358  
  1,262  
Hannover Rueckversicherung S.E.
     95,008  
  2,141  
HeidelbergCement A.G.
     161,368  
  18,000  
Heidelberger Druckmaschinen A.G.*
     44,467  
  823  
Hochtief A.G.
     57,425  
  1,080  
IVG Immobilien A.G.*
     538  
  1,464  
Merck KGaA
     231,713  
  825  
Muenchener Rueckversicherungs A.G.
     153,883  
  4,412  
Nordex S.E.*
     33,774  
  1,938  
Stada Arzneimittel A.G.
     84,752  
  7,511  
Suedzucker A.G.
     254,136  
  1,083  
Symrise A.G.
     44,136  
  1,734  
TAG Immobilien A.G.
     19,922  
            2,956,376  
               
     
HONG KONG – 0.7%
        
  34,400  
AIA Group Ltd.
     152,082  
  5,000  
Cheung Kong Holdings Ltd.
     70,416  
  6,500  
China Mobile Ltd.
     68,733  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
HONG KONG (Continued)
        
  16,000  
China Resources Enterprise Ltd.
   $ 51,977  
  6,000  
CLP Holdings Ltd.
     50,561  
  11,000  
Galaxy Entertainment Group Ltd.*
     57,102  
  4,000  
Hang Seng Bank Ltd.
     64,204  
  7,000  
Henderson Land Development Co., Ltd.
     49,063  
  12,000  
Hong Kong & China Gas Co., Ltd.
     33,908  
  2,500  
Hong Kong Exchanges and Clearing Ltd.
     41,851  
  1,000  
Hopewell Holdings Ltd.
     3,601  
  6,000  
Hutchison Whampoa Ltd.
     63,519  
  5,500  
Link REIT - REIT
     28,366  
  8,000  
New World Development Co., Ltd.
     12,679  
  8,000  
PCCW Ltd.
     3,795  
  6,000  
Power Assets Holdings Ltd.
     52,709  
  38,000  
Sino Land Co., Ltd.
     56,315  
  20,000  
SJM Holdings Ltd.
     54,258  
  43,500  
Sun Art Retail Group Ltd.
     61,559  
  3,000  
Sun Hung Kai Properties Ltd.
     39,699  
  1,500  
Swire Pacific Ltd. - Class A
     18,992  
  8,000  
Techtronic Industries Co.
     20,523  
  1,900  
Television Broadcasts Ltd.
     13,796  
  8,000  
Wharf Holdings Ltd.
     70,788  
  7,000  
Wheelock & Co., Ltd.
     38,958  
  500  
Wing Hang Bank Ltd.
     4,789  
            1,184,243  
               
     
INDIA – 0.1%
        
  3,500  
Dr Reddy's Laboratories Ltd. - ADR
     129,395  
               
     
INDONESIA – 0.8%
        
  215,000  
Bank Central Asia Tbk P.T.
     226,077  
  102,000  
Bank Mandiri Persero Tbk P.T.
     100,728  
  65,500  
Indo Tambangraya Megah Tbk P.T.
     199,986  
  277,000  
Perusahaan Gas Negara Persero Tbk P.T.
     155,271  
  175,500  
Semen Indonesia Persero Tbk P.T.
     321,732  
  288,000  
Telekomunikasi Indonesia Persero Tbk P.T.
     323,376  
            1,327,170  
               
     
IRELAND – 0.9%
        
  7,100  
Accenture PLC - Class A1
     582,981  
  1,800  
Alkermes PLC*
     56,250  
  1,300  
Eaton Corp. PLC
     85,878  
  6,400  
Ingersoll-Rand PLC1
     368,192  
  2,856  
James Hardie Industries PLC
     26,936  
  10,700  
Seagate Technology PLC1
     460,956  
            1,581,193  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
ISRAEL – 0.0%
        
  558  
Clal Industries Ltd.
   $ 2,150  
  544  
Gazit-Globe Ltd.
     7,338  
  66,257  
Oil Refineries Ltd.*
     29,517  
  243  
Osem Investments Ltd.
     4,850  
  463  
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
     21,817  
  324  
Strauss Group Ltd.
     5,219  
            70,891  
               
     
ITALY – 0.6%
        
  2,521  
Assicurazioni Generali S.p.A.
     46,906  
  4,069  
Banca Generali S.p.A.
     88,087  
  5,645  
Banca Popolare dell'Emilia Romagna Scrl*
     47,230  
  8,185  
Beni Stabili S.p.A. - REIT
     5,695  
  2,660  
Brembo S.p.A.
     43,993  
  2,464  
De'Longhi S.p.A.
     37,872  
  41,294  
Enel S.p.A.
     155,427  
  10,192  
Eni S.p.A.
     231,782  
  1,799  
ERG S.p.A.
     18,186  
  1,917  
Impregilo S.p.A.
     7,578  
  1,376  
Indesit Co. S.p.A.
     11,255  
  2,999  
Prysmian S.p.A.
     63,834  
  8,463  
Recordati S.p.A.
     89,577  
  3,199  
Safilo Group S.p.A.*
     61,125  
  1,795  
Salvatore Ferragamo Italia S.p.A.
     56,132  
  8,260  
Sorin S.p.A.*
     22,820  
  8,809  
UniCredit S.p.A.
     49,438  
            1,036,937  
               
     
JAPAN – 5.5%
        
  7,000  
77 Bank Ltd.
     29,648  
  115  
Access Co., Ltd.*
     101,053  
  42  
Accordia Golf Co., Ltd.
     44,416  
  11  
Advance Residence Investment Corp. - REIT
     22,755  
  1,800  
Aiful Corp.*
     17,490  
  2,000  
Ajinomoto Co., Inc.
     27,536  
  1,100  
Alfresa Holdings Corp.*
     57,160  
  3,300  
Aoyama Trading Co., Ltd.
     91,240  
  2,600  
Arcs Co., Ltd.*
     45,805  
  300  
Arnest One Corp.
     5,430  
  2,100  
Astellas Pharma, Inc.
     107,239  
  1,500  
Avex Group Holdings, Inc.*
     45,939  
  1,000  
Awa Bank Ltd.*
     5,098  
  1,000  
Canon Marketing Japan, Inc.
     13,595  
  1,600  
Canon, Inc.
     54,670  
  300  
Capcom Co., Ltd.
     4,790  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  1,300  
Central Japan Railway Co.
   $ 143,127  
  300  
Century Tokyo Leasing Corp.
     7,610  
  2,700  
Chiyoda Co., Ltd.
     67,591  
  2,000  
Chiyoda Corp.
     21,508  
  5,700  
Chubu Electric Power Co., Inc.
     73,653  
  3,400  
Chugai Pharmaceutical Co., Ltd.
     68,118  
  5,000  
Chugoku Marine Paints Ltd.
     22,563  
  5,300  
CKD Corp.
     40,531  
  100  
Cocokara Fine, Inc.
     3,221  
  500  
Colowide Co., Ltd.*
     4,498  
  6,000  
Dai Nippon Printing Co., Ltd.
     51,075  
  400  
Daibiru Corp.
     4,632  
  4,000  
Daifuku Co., Ltd.*
     34,780  
  1,800  
Daiichi Sankyo Co., Ltd.
     29,553  
  1,600  
Daiichikosho Co., Ltd.*
     40,950  
  3,000  
Daikyo, Inc.
     8,945  
  1,000  
Daio Paper Corp.*
     5,613  
  2,000  
Daishi Bank Ltd.*
     6,417  
  200  
Daito Trust Construction Co., Ltd.
     18,614  
  1,000  
Daiwa House Industry Co., Ltd.
     18,898  
  2  
Daiwa Office Investment Corp. - REIT
     7,709  
  3,000  
Daiwa Securities Group, Inc.
     24,539  
  3  
Daiwahouse Residential Investment Corp. - REIT
     11,515  
  15,000  
Denki Kagaku Kogyo KK*
     49,773  
  8,000  
DIC Corp.
     18,381  
  100  
Earth Chemical Co., Ltd.*
     3,342  
  2,600  
East Japan Railway Co.
     192,531  
  100  
FP Corp.*
     6,287  
  2  
Frontier Real Estate Investment Corp. - REIT*
     18,403  
  39,000  
Fuji Electric Co., Ltd.
     126,887  
  3,000  
Fuji Heavy Industries Ltd.
     67,571  
  400  
Fuji Machine Manufacturing Co., Ltd.
     3,253  
  700  
Fuji Oil Co., Ltd.*
     10,684  
  1,400  
Fuji Seal International, Inc.*
     37,230  
  100  
Fuji Soft, Inc.*
     2,155  
  11,000  
Fukuoka Financial Group, Inc.
     44,640  
  1  
Fukuoka REIT Co. - REIT*
     7,605  
  1,000  
Fukuyama Transporting Co., Ltd.*
     5,107  
  100  
Fuyo General Lease Co., Ltd.*
     3,676  
  40  
Geo Holdings Corp.*
     37,800  
  1  
Global One Real Estate Investment Corp. - REIT*
     5,719  
  4,400  
GMO internet, Inc.*
     41,921  
  2,000  
Godo Steel Ltd.*
     3,228  
  100  
Goldcrest Co., Ltd.
     2,137  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  8,100  
Gulliver International Co., Ltd.
   $ 50,626  
  1  
Hankyu REIT, Inc. - REIT
     5,309  
  9,500  
Haseko Corp.*
     12,342  
  300  
Heiwa Real Estate Co., Ltd.*
     5,369  
  4  
Heiwa Real Estate REIT, Inc. - REIT
     2,694  
  1,000  
Higo Bank Ltd.
     5,784  
  6,000  
Hino Motors Ltd.
     85,131  
  1,100  
HIS Co., Ltd.*
     43,947  
  700  
Hogy Medical Co., Ltd.
     38,877  
  2,000  
Hokkoku Bank Ltd.
     6,591  
  500  
Hokuetsu Kishu Paper Co., Ltd.
     2,182  
  800  
Honda Motor Co., Ltd.
     29,700  
  1,000  
Hyakugo Bank Ltd.
     3,922  
  1,000  
Hyakujushi Bank Ltd.*
     3,071  
  100  
IBJ Leasing Co., Ltd.*
     3,135  
  34,000  
IHI Corp.
     124,357  
  500  
Iino Kaiun Kaisha Ltd.
     2,763  
  1  
Industrial & Infrastructure Fund Investment Corp. - REIT
     9,277  
  1,000  
Iseki & Co., Ltd.
     3,289  
  5,000  
Isuzu Motors Ltd.
     37,120  
  4,900  
IT Holdings Corp.*
     68,319  
  2,200  
ITOCHU Corp.
     27,264  
  9,000  
Itoham Foods, Inc.*
     39,199  
  1,000  
Iwatani Corp.*
     3,741  
  14,000  
J Front Retailing Co., Ltd.*
     96,102  
  12,000  
Jaccs Co., Ltd.*
     62,236  
  300  
Japan Airport Terminal Co., Ltd.*
     3,763  
  2  
Japan Excellent, Inc. - REIT*
     11,505  
  1  
Japan Logistics Fund, Inc. - REIT
     9,240  
  2  
Japan Real Estate Investment Corp. - REIT
     19,692  
  4  
Japan Retail Fund Investment Corp. - REIT
     7,594  
  2,800  
Japan Tobacco, Inc.
     95,292  
  1,300  
JFE Holdings, Inc.
     26,716  
  5,000  
JGC Corp.
     165,890  
  1,700  
JSR Corp.
     32,921  
  2,000  
Juroku Bank Ltd.*
     7,180  
  3,100  
JX Holdings, Inc.
     15,061  
  1,000  
Kagoshima Bank Ltd.
     6,130  
  4,000  
Kaken Pharmaceutical Co., Ltd.
     58,354  
  3,000  
Kandenko Co., Ltd.*
     12,367  
  5,500  
Kansai Electric Power Co., Inc.*
     64,748  
  2,200  
Kao Corp.
     68,943  
  3,000  
Keisei Electric Railway Co., Ltd.*
     25,437  
  3,000  
Keiyo Bank Ltd.*
     14,739  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  3  
Kenedix Realty Investment Corp. - REIT
   $ 11,529  
  18  
Kenedix, Inc.*
     9,405  
  7,000  
Kirin Holdings Co., Ltd.
     114,024  
  4,000  
Kiyo Holdings, Inc.
     5,593  
  3,000  
Koito Manufacturing Co., Ltd.
     54,464  
  500  
Kokuyo Co., Ltd.*
     3,473  
  5,000  
Komori Corp.
     58,705  
  10,500  
Konica Minolta, Inc.
     75,004  
  26,000  
Krosaki Harima Corp.
     51,760  
  3,700  
KYORIN Holdings, Inc.*
     81,580  
  1,000  
Leopalace21 Corp.*
     4,521  
  700  
LIXIL Group Corp.
     16,687  
  4,000  
Maeda Road Construction Co., Ltd.*
     52,793  
  800  
Mandom Corp.*
     25,397  
  2,900  
Marui Group Co., Ltd.
     26,873  
  600  
Matsui Securities Co., Ltd.*
     5,985  
  900  
Matsumotokiyoshi Holdings Co., Ltd.*
     22,547  
  30,000  
Mazda Motor Corp.*
     115,406  
  4,300  
Medipal Holdings Corp.*
     57,336  
  1,400  
Megane TOP Co., Ltd.*
     19,297  
  900  
Meitec Corp.
     21,025  
  2  
MID REIT, Inc. - REIT*
     4,557  
  5,500  
Mitsubishi Chemical Holdings Corp.
     26,028  
  3,000  
Mitsubishi Estate Co., Ltd.
     73,911  
  26,000  
Mitsubishi Heavy Industries Ltd.
     159,150  
  26,300  
Mitsubishi UFJ Financial Group, Inc.
     152,632  
  13,900  
Mitsubishi UFJ Lease & Finance Co., Ltd.
     63,013  
  2,000  
Mitsui Fudosan Co., Ltd.
     55,177  
  200  
Miura Co., Ltd.*
     4,502  
  88,700  
Mizuho Financial Group, Inc.
     168,877  
  900  
Modec, Inc.
     27,529  
  11  
Monex Group, Inc.
     4,064  
  2  
Mori Hills REIT Investment Corp. - REIT*
     11,776  
  2  
Mori Trust Sogo REIT, Inc. - REIT
     15,833  
  1,000  
Morinaga Milk Industry Co., Ltd.
     2,844  
  4,900  
Moshi Moshi Hotline, Inc.*
     54,174  
  2,800  
MS&AD Insurance Group Holdings
     68,677  
  1,900  
Musashino Bank Ltd.*
     59,611  
  900  
Namco Bandai Holdings, Inc.
     14,588  
  1,000  
Nanto Bank Ltd.*
     3,734  
  35,000  
NEC Corp.
     81,387  
  2,500  
NEC Networks & System Integration Corp.*
     53,425  
  4,000  
NET One Systems Co., Ltd.*
     32,906  
  1,000  
Nichias Corp.*
     6,401  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  4,600  
Nihon Unisys Ltd.*
   $ 41,759  
  2  
Nippon Accommodations Fund, Inc. - REIT*
     12,472  
  2  
Nippon Building Fund, Inc. - REIT
     20,568  
  4,000  
Nippon Express Co., Ltd.
     17,914  
  1,000  
Nippon Paint Co., Ltd.
     10,047  
  800  
Nippon Telegraph & Telephone Corp.
     39,456  
  28,000  
Nishimatsu Construction Co., Ltd.*
     56,816  
  2,000  
Nissan Chemical Industries Ltd.
     24,321  
  500  
Nissha Printing Co., Ltd.*
     8,751  
  1,100  
NKSJ Holdings, Inc.
     24,573  
  6,900  
Nomura Holdings, Inc.
     52,319  
  200  
Nomura Real Estate Holdings, Inc.
     4,435  
  1  
Nomura Real Estate Residential Fund, Inc. - REIT
     5,133  
  48  
NTT DOCOMO, Inc.
     70,129  
  13,000  
Obayashi Corp.
     62,761  
  2,000  
Ogaki Kyoritsu Bank Ltd.*
     5,963  
  2,000  
Oji Holdings Corp.
     6,962  
  100  
Okinawa Electric Power Co., Inc.
     3,837  
  1,000  
Okumura Corp.
     3,599  
  900  
Omron Corp.
     26,641  
  11,500  
Orient Corp.*
     32,997  
  2,700  
ORIX Corp.
     35,807  
  15  
Orix JREIT, Inc. - REIT
     16,147  
  7,000  
Osaka Gas Co., Ltd.
     28,266  
  1,000  
PanaHome Corp.
     6,673  
  9,100  
Panasonic Corp.*
     69,352  
  3,100  
Pioneer Corp.*
     6,577  
  780  
Point, Inc.
     34,688  
  500  
Pola Orbis Holdings, Inc.
     15,777  
  2  
Premier Investment Corp. - REIT
     7,776  
  2,000  
Press Kogyo Co., Ltd.*
     9,627  
  1,000  
Rengo Co., Ltd.
     4,936  
  29,100  
Resona Holdings, Inc.
     130,530  
  300  
Resorttrust, Inc.*
     8,001  
  400  
Rohm Co., Ltd.
     14,611  
  1,100  
Round One Corp.*
     6,786  
  300  
Ryohin Keikaku Co., Ltd.
     22,382  
  200  
Ryosan Co., Ltd.
     3,712  
  200  
Sangetsu Co., Ltd.
     4,754  
  1,000  
Sanwa Holdings Corp.
     5,269  
  700  
Secom Co., Ltd.
     35,300  
  1,000  
Seiko Holdings Corp.
     4,062  
  4,000  
Seino Holdings Co., Ltd.
     30,584  
  4,000  
Sekisui Chemical Co., Ltd.*
     39,802  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  1,000  
Sekisui House Ltd.
   $ 12,964  
  1  
Sekisui House SI Investment Co. - REIT
     4,682  
  1,000  
Senko Co., Ltd.
     4,939  
  1,300  
Senshu Ikeda Holdings, Inc.*
     6,333  
  3,500  
Seven & I Holdings Co., Ltd.
     118,885  
  1,000  
Shiga Bank Ltd.*
     5,218  
  200  
Shima Seiki Manufacturing Ltd.*
     4,484  
  200  
Shimamura Co., Ltd.*
     22,976  
  400  
Shin-Etsu Chemical Co., Ltd.
     25,060  
  7,000  
Shindengen Electric Manufacturing Co., Ltd.*
     32,508  
  1,400  
Shinko Plantech Co., Ltd.*
     10,114  
  3,000  
Shinmaywa Industries Ltd.*
     23,575  
  8,000  
Shinsei Bank Ltd.
     18,681  
  7,100  
Shionogi & Co., Ltd.
     132,737  
  300  
Showa Corp.*
     3,696  
  2,500  
Softbank Corp.
     124,963  
  5,600  
Sojitz Corp.
     9,652  
  1,700  
Sony Financial Holdings, Inc.
     24,921  
  3,000  
Sotetsu Holdings, Inc.*
     10,107  
  5,000  
Sumitomo Chemical Co., Ltd.
     15,699  
  3,800  
Sumitomo Forestry Co., Ltd.
     44,677  
  3,000  
Sumitomo Light Metal Industries Ltd.*
     3,131  
  4,000  
Sumitomo Metal Mining Co., Ltd.
     50,264  
  4,300  
Sumitomo Mitsui Financial Group, Inc.
     169,763  
  11,000  
Sumitomo Mitsui Trust Holdings, Inc.
     45,067  
  80  
Sumitomo Real Estate Sales Co., Ltd.*
     4,484  
  1,000  
Sumitomo Realty & Development Co., Ltd.
     38,244  
  1,000  
Sumitomo Warehouse Co., Ltd.
     5,336  
  600  
Suzuken Co., Ltd.
     19,014  
  2,700  
Suzuki Motor Corp.
     65,689  
  3,800  
T&D Holdings, Inc.
     45,939  
  1,700  
Tachi-S Co., Ltd.*
     24,801  
  2,000  
Tadano Ltd.*
     23,331  
  2,000  
Taihei Dengyo Kaisha Ltd.*
     12,133  
  36,000  
Taisei Corp.
     112,998  
  300  
Takasago Thermal Engineering Co., Ltd.*
     2,444  
  11,000  
Takashimaya Co., Ltd.
     102,157  
  8,000  
Takuma Co., Ltd.*
     61,502  
  300  
THK Co., Ltd.*
     6,368  
  4,000  
Toagosei Co., Ltd.*
     16,435  
  2,000  
Toho Holdings Co., Ltd.
     35,874  
  900  
Tohoku Electric Power Co., Inc.*
     10,520  
  2,100  
Tokai Rika Co., Ltd.*
     38,745  
  1,200  
Tokai Tokyo Financial Holdings, Inc.
     8,129  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
JAPAN (Continued)
        
  50  
Token Corp.*
   $ 2,509  
  1,500  
Tokio Marine Holdings, Inc.
     43,188  
  2,800  
Tokyo Electric Power Co., Inc.*
     16,770  
  14,000  
Tokyo Gas Co., Ltd.
     75,277  
  4,000  
Tokyo Tatemono Co., Ltd.*
     29,963  
  1,000  
Tokyu Land Corp.
     9,037  
  2  
Tokyu REIT, Inc. - REIT
     11,625  
  1  
Top REIT, Inc. - REIT
     4,471  
  3,600  
Toppan Forms Co., Ltd.*
     31,258  
  3,000  
Toshiba Corp.
     14,114  
  3,000  
Toshiba Machine Co., Ltd.
     15,372  
  5,000  
Toshiba TEC Corp.
     25,497  
  2,000  
TOTO Ltd.
     20,665  
  3,000  
Toyo Construction Co., Ltd.
     7,782  
  2,000  
Toyo Ink SC Holdings Co., Ltd.*
     9,038  
  1,200  
Toyo Seikan Group Holdings Ltd.
     16,773  
  1,000  
Toyo Tire & Rubber Co., Ltd.
     5,492  
  2,600  
Toyota Boshoku Corp.
     36,948  
  4,200  
Toyota Motor Corp.
     245,109  
  1,000  
Toyota Tsusho Corp.
     26,461  
  1,700  
TS Tech Co., Ltd.*
     53,258  
  600  
Tsuruha Holdings, Inc.
     48,307  
  2,500  
TV Asahi Corp.*
     46,071  
  18,000  
Ube Industries Ltd.
     34,783  
  200  
United Arrows Ltd.
     7,356  
  22  
United Urban Investment Corp. - REIT
     28,219  
  1,400  
Universal Entertainment Corp.
     25,526  
  2,000  
Wacom Co., Ltd.
     24,709  
  2,200  
West Japan Railway Co.
     91,497  
  189  
Yahoo Japan Corp.
     85,628  
  2,000  
Yokohama Rubber Co., Ltd.
     20,035  
  3  
Yoshinoya Holdings Co., Ltd.*
     3,222  
            9,222,044  
               
     
JERSEY – 0.2%
        
  1,894  
Atrium European Real Estate Ltd.
     11,201  
  29,394  
Beazley PLC
     104,843  
  27,936  
Centamin PLC*
     16,412  
  22,928  
Glencore Xstrata PLC
     111,506  
  2,085  
Informa PLC
     15,965  
  485  
Kentz Corp. Ltd.
     2,917  
  14,286  
Regus PLC
     36,064  
  2,251  
Wolseley PLC
     114,456  
            413,364  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
LUXEMBOURG – 0.0%
        
  769  
GAGFAH S.A.*
   $ 9,524  
               
     
MALAYSIA – 2.6%
        
  113,900  
AMMB Holdings Bhd*
     269,931  
  153,500  
Axiata Group Bhd
     333,750  
  62,300  
CIMB Group Holdings Bhd
     166,772  
  182,000  
DiGi.Com Bhd
     278,708  
  8,400  
Genting Bhd
     27,369  
  42,500  
Kuala Lumpur Kepong Bhd
     290,327  
  136,500  
Malayan Banking Bhd
     448,779  
  191,300  
Maxis Bhd
     417,364  
  202,100  
Petronas Chemicals Group Bhd
     430,105  
  80,000  
Public Bank Bhd
     434,940  
  122,900  
Sime Darby Bhd
     373,692  
  238,400  
Telekom Malaysia Bhd
     422,335  
  168,600  
Tenaga Nasional Bhd
     454,049  
            4,348,121  
               
     
MALTA – 0.0%
        
  1,178  
Unibet Group PLC*
     37,927  
               
     
MEXICO – 0.8%
        
  64,400  
Alfa S.A.B. de C.V. - Class A
     152,001  
  13,300  
America Movil S.A.B. de C.V. - ADR
     264,803  
  2,600  
Coca-Cola Femsa S.A.B. de C.V. - ADR
     380,484  
  6,400  
Grupo Televisa SAB - ADR
     166,912  
  124,700  
Wal-Mart de Mexico S.A.B. de C.V.
     368,101  
            1,332,301  
               
     
NETHERLANDS – 1.6%
        
  1,024  
Aalberts Industries N.V.
     23,217  
  1,255  
Akzo Nobel N.V.
     80,282  
  970  
Arcadis N.V.
     27,158  
  230  
ASML Holding N.V.
     18,695  
  437  
CSM
     9,155  
  343  
Eurocommercial Properties N.V. - REIT
     13,629  
  6,732  
European Aeronautic Defence and Space Co. N.V.
     387,632  
  1,490  
Heineken Holding N.V.
     87,923  
  9,417  
ING Groep N.V.*
     87,811  
  3,693  
Koninklijke Ahold N.V.
     59,878  
  16,025  
Koninklijke Philips N.V.
     453,764  
  16,300  
LyondellBasell Industries N.V. - Class A1
     1,086,395  
  462  
Nieuwe Steen Investments N.V. - REIT
     3,242  
  3,010  
Nutreco N.V.
     127,751  
  8,111  
PostNL N.V.*
     21,986  
  18,177  
STMicroelectronics N.V.
     169,458  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
NETHERLANDS (Continued)
        
  176  
Vastned - REIT
   $ 7,782  
  190  
Wereldhave N.V. - REIT
     13,495  
            2,679,253  
               
     
NEW ZEALAND – 0.1%
        
  12,513  
Fletcher Building Ltd.
     83,222  
               
     
NORWAY – 0.1%
        
  7,788  
DNO International A.S.A.*
     13,923  
  93  
Fred Olsen Energy A.S.A.
     3,904  
  1,173  
Norwegian Air Shuttle A.S.A.*
     59,001  
  3,666  
Norwegian Property A.S.A.
     5,276  
  2,721  
Petroleum Geo-Services A.S.A.
     40,410  
  69,023  
Renewable Energy Corp. A.S.A.*
     26,779  
  1,002  
TGS Nopec Geophysical Co. A.S.A.
     34,977  
  932  
Tomra Systems A.S.A.
     8,338  
            192,608  
               
     
PANAMA – 0.0%
        
  1,500  
Carnival Corp.
     49,650  
               
     
POLAND – 0.3%
        
  1,395  
Bank Pekao S.A.
     70,183  
  30,842  
PGE S.A.
     169,147  
  12,323  
Powszechna Kasa Oszczednosci Bank Polski S.A.
     130,051  
  1,445  
Powszechny Zaklad Ubezpieczen S.A.
     201,062  
            570,443  
               
     
PUERTO RICO – 0.1%
        
  5,600  
Popular, Inc.*
     168,000  
               
     
RUSSIAN FEDERATION – 0.5%
        
  7,600  
Gazprom OAO - ADR*
     57,532  
  2,545  
Lukoil OAO - ADR
     149,010  
  15,010  
MMC Norilsk Nickel OJSC - ADR*
     217,945  
  1,900  
Mobile Telesystems OJSC - ADR
     36,613  
  21,378  
Rosneft OAO - GDR
     140,346  
  4,614  
Tatneft OAO - ADR*
     158,459  
            759,905  
               
     
SINGAPORE – 0.8%
        
  4,000  
Ascendas Real Estate Investment Trust - REIT
     7,317  
  13,600  
Avago Technologies Ltd.
     512,856  
  4,000  
CapitaCommercial Trust - REIT
     4,785  
  13,000  
CapitaLand Ltd.
     35,369  
  4,000  
CapitaMall Trust - REIT
     6,776  
  43,000  
ComfortDelGro Corp. Ltd.
     64,633  
  8,000  
DBS Group Holdings Ltd.
     108,315  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
SINGAPORE (Continued)
        
  11,400  
Flextronics International Ltd.*
   $ 85,044  
  4,000  
Global Logistic Properties Ltd.
     8,847  
  10,000  
Hutchison Port Holdings Trust - Class U
     7,869  
  8,000  
Keppel Corp. Ltd.
     66,218  
  21,000  
Keppel Land Ltd.
     61,682  
  400  
Keppel REIT - REIT
     449  
  29,000  
Olam International Ltd.
     40,053  
  9,000  
Oversea-Chinese Banking Corp. Ltd.
     73,316  
  4,000  
SATS Ltd.
     10,288  
  2,000  
SembCorp Industries Ltd.
     7,661  
  2,000  
Singapore Exchange Ltd.
     11,663  
  12,000  
Singapore Press Holdings Ltd.
     40,485  
  3,000  
Singapore Technologies Engineering Ltd.
     9,687  
  18,000  
Singapore Telecommunications Ltd.
     53,243  
  1,000  
StarHub Ltd.
     3,169  
  16,000  
Suntec Real Estate Investment Trust - REIT
     21,807  
  7,000  
United Overseas Bank Ltd.
     118,231  
  1,000  
UOL Group Ltd.
     5,273  
  2,000  
Venture Corp. Ltd.
     11,561  
  13,000  
Wilmar International Ltd.
     33,344  
            1,409,941  
               
     
SOUTH AFRICA – 2.3%
        
  7,016  
ABSA Group Ltd.
     103,763  
  4,700  
AngloGold Ashanti Ltd. - ADR
     85,258  
  7,789  
Aspen Pharmacare Holdings Ltd.
     160,261  
  10,646  
Bidvest Group Ltd.
     273,389  
  50,926  
FirstRand Ltd.
     148,686  
  19,500  
Harmony Gold Mining Co., Ltd. - ADR
     81,510  
  3,862  
Impala Platinum Holdings Ltd.
     40,481  
  3,861  
Kumba Iron Ore Ltd.
     198,016  
  98,926  
Life Healthcare Group Holdings Ltd.
     359,643  
  21,944  
Mr Price Group Ltd.
     278,461  
  19,587  
MTN Group Ltd.
     354,576  
  1,176  
Naspers Ltd. - N Shares
     86,577  
  11,639  
Nedbank Group Ltd.
     209,595  
  15,406  
Remgro Ltd.
     302,236  
  37,764  
Sanlam Ltd.
     176,849  
  510  
Sasol Ltd.
     22,745  
  5,990  
Shoprite Holdings Ltd.
     104,606  
  27,710  
Standard Bank Group Ltd.
     306,884  
  7,823  
Tiger Brands Ltd.
     239,619  
  2,339  
Vodacom Group Ltd.
     25,961  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
SOUTH AFRICA (Continued)
        
  52,771  
Woolworths Holdings Ltd.
   $ 379,426  
            3,938,542  
               
     
SOUTH KOREA – 2.1%
        
  325  
Amorepacific Corp.*
     264,396  
  1,489  
Cheil Industries, Inc.
     119,900  
  1,960  
Daelim Industrial Co., Ltd.
     162,879  
  2,190  
Daewoo International Corp.
     69,761  
  588  
E-Mart Co., Ltd.
     102,890  
  2,018  
Hyundai Glovis Co., Ltd.
     328,285  
  419  
Hyundai Mobis
     104,795  
  13,300  
Kangwon Land, Inc.
     407,983  
  2,481  
Kia Motors Corp.
     128,749  
  6,970  
KT Corp.
     238,276  
  2,567  
KT&G Corp.
     180,874  
  742  
LG Chem Ltd.
     176,695  
  306  
LG Household & Health Care Ltd.
     168,206  
  34,800  
LG Uplus Corp.*
     359,271  
  297  
NHN Corp.*
     79,691  
  41  
Orion Corp.
     39,324  
  67  
POSCO
     18,967  
  1,706  
Samsung C&T Corp.
     91,742  
  1,119  
Samsung Electro-Mechanics Co., Ltd.
     96,809  
  187  
Samsung Electronics Co., Ltd.
     251,957  
  214  
Samsung Engineering Co., Ltd.
     17,923  
  327  
Samsung Fire & Marine Insurance Co., Ltd.
     65,887  
  387  
Samsung Techwin Co., Ltd.
     23,009  
  579  
SK Telecom Co., Ltd.
     106,898  
            3,605,167  
               
     
SPAIN – 0.5%
        
  11,911  
Banco Bilbao Vizcaya Argentaria S.A.
     111,639  
  23,031  
Banco Santander SA
     164,723  
  628  
Ebro Foods S.A.
     12,285  
  31,267  
Ence Energia y Celulosa S.A
     102,137  
  5,166  
Ferrovial S.A.
     83,194  
  2,862  
Gamesa Corp. Tecnologica S.A.
     13,032  
  16,446  
Gas Natural SDG S.A.
     339,763  
  3,561  
Iberdrola S.A.
     19,262  
  408  
Obrascon Huarte Lain S.A.
     14,974  
  373  
Tecnicas Reunidas S.A.
     18,009  
  257  
Viscofan S.A.
     12,700  
            891,718  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
SWEDEN – 0.9%
        
  427  
Axfood A.B.
   $ 17,974  
  4,163  
Bilia A.B. - A Shares
     66,506  
  1,431  
Castellum A.B.
     21,476  
  13,154  
Electrolux A.B.
     354,252  
  1,146  
Fabege A.B.
     12,703  
  1,032  
Hufvudstaden A.B. - A Shares
     13,559  
  1,216  
Intrum Justitia A.B.*
     25,500  
  1,112  
Investor A.B. - B Shares
     31,922  
  768  
Klovern AB
     3,342  
  999  
Kungsleden A.B.
     6,439  
  351  
L.E. Lundbergforetagen A.B. - B Shares
     13,203  
  6,243  
Loomis A.B. - Class B
     120,595  
  1,605  
Meda A.B. - A Shares
     20,625  
  22,318  
Nordea Bank A.B.
     274,199  
  207  
Saab A.B. - Class B
     4,269  
  13,482  
Sandvik A.B.
     188,860  
  44,805  
SAS A.B.*
     96,049  
  6,177  
Svenska Cellulosa A.B. - B Shares
     153,496  
  2,987  
Swedish Match A.B.
     103,493  
  2,500  
Trelleborg A.B. - B Shares
     38,387  
  625  
Wallenstam A.B. - B Shares
     8,482  
  483  
Wihlborgs Fastigheter A.B.*
     7,828  
            1,583,159  
               
     
SWITZERLAND – 2.3%
        
  922  
ABB Ltd.
     20,173  
  766  
Adecco S.A.
     42,687  
  4,900  
Allied World Assurance Co. Holdings A.G.
     438,109  
  125  
Allreal Holding A.G.
     17,765  
  104  
Bucher Industries A.G.
     24,407  
  145  
Forbo Holding A.G.
     88,996  
  1,700  
Foster Wheeler A.G.*
     39,134  
  85  
Georg Fischer A.G.*
     39,047  
  243  
Givaudan S.A.
     313,047  
  222  
Helvetia Holding A.G.
     91,397  
  9,433  
Logitech International S.A.
     65,119  
  57  
Mobimo Holding A.G.
     12,262  
  6,734  
Nestle S.A.
     446,091  
  9,810  
Novartis A.G.
     702,710  
  9,085  
OC Oerlikon Corp. A.G.
     109,831  
  338  
PSP Swiss Property A.G.
     30,734  
  3,216  
Roche Holding A.G.
     797,364  
  577  
Schindler Holding A.G.
     83,879  
  39  
Sika A.G.
     95,959  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
SWITZERLAND (Continued)
        
  1,782  
Sulzer A.G.
   $ 297,711  
  215  
Swiss Prime Site A.G.
     16,166  
  896  
Transocean Ltd.
     44,995  
  223  
Valora Holding A.G.
     43,408  
            3,860,991  
               
     
TAIWAN – 1.5%
        
  11,000  
Cheng Shin Rubber Industry Co., Ltd.
     32,762  
  127,000  
Chunghwa Telecom Co., Ltd.*
     403,681  
  95,000  
Compal Electronics, Inc.
     58,020  
  83,000  
Evergreen Marine Corp. Taiwan Ltd.*
     46,100  
  46,000  
Everlight Electronics Co., Ltd.*
     84,648  
  76,000  
Far Eastern Department Stores Ltd.
     71,628  
  143,000  
Far EasTone Telecommunications Co., Ltd.
     340,786  
  64,000  
Hon Hai Precision Industry Co., Ltd.
     161,909  
  8,000  
Largan Precision Co., Ltd.
     257,867  
  6,000  
Novatek Microelectronics Corp.*
     30,287  
  94,000  
Realtek Semiconductor Corp.
     236,438  
  34,000  
RichTek Technology Corp.
     166,407  
  75,000  
Taiwan Mobile Co., Ltd.*
     273,368  
  4,200  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
     78,372  
  108,000  
Uni-President Enterprises Corp.*
     212,662  
  127,000  
Wistron Corp.*
     129,822  
            2,584,757  
               
     
THAILAND – 0.7%
        
  46,300  
Advanced Info Service PCL
     400,432  
  305,000  
CP ALL PCL
     433,432  
  31,600  
PTT Global Chemical PCL
     75,325  
  17,200  
PTT PCL
     184,354  
  6,200  
Siam Commercial Bank PCL
     35,455  
            1,128,998  
               
     
TURKEY – 0.4%
        
  22,867  
KOC Holding AS
     129,431  
  8,876  
Turk Hava Yollari
     41,134  
  84,392  
Turk Telekomunikasyon AS
     324,984  
  19,175  
Turkcell Iletisim Hizmetleri AS*
     117,999  
            613,548  
               
     
UNITED KINGDOM – 5.0%
        
  55,752  
3i Group PLC
     286,423  
  6,924  
Afren PLC*
     13,653  
  5,655  
Amlin PLC
     35,653  
  4,483  
Antofagasta PLC
     63,621  
  2,100  
Aon PLC
     133,707  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED KINGDOM (Continued)
        
  19,745  
ARM Holdings PLC
   $ 289,188  
  11,955  
Associated British Foods PLC
     327,606  
  5,976  
Babcock International Group PLC
     104,803  
  82,334  
Barclays PLC
     394,391  
  14,707  
Barratt Developments PLC*
     70,952  
  4,907  
BBA Aviation PLC
     20,803  
  3,981  
Bellway PLC
     76,821  
  2,321  
Berkeley Group Holdings PLC*
     74,255  
  2,074  
Betfair Group PLC
     25,250  
  4,671  
BHP Billiton PLC
     134,315  
  7,757  
Bodycote PLC
     64,405  
  830  
British American Tobacco PLC
     45,607  
  2,281  
British Land Co. PLC - REIT
     20,990  
  28,083  
British Sky Broadcasting Group PLC
     332,040  
  91,401  
BT Group PLC
     415,925  
  2,468  
Burberry Group PLC
     53,977  
  16,199  
Cable & Wireless Communications PLC
     10,605  
  3,725  
Cairn Energy PLC*
     15,347  
  8,015  
Capital & Counties Properties PLC
     39,717  
  2,667  
Carillion PLC
     10,343  
  41,186  
Centrica PLC
     236,848  
  5,620  
Close Brothers Group PLC
     84,288  
  17,873  
CSR PLC
     148,738  
  4,918  
Daily Mail & General Trust PLC
     56,883  
  1,082  
Derwent London PLC - REIT
     39,104  
  22,891  
Dixons Retail PLC*
     14,266  
  2,436  
Drax Group PLC
     21,115  
  2,154  
DS Smith PLC
     7,840  
  2,436  
easyJet PLC
     46,418  
  9,017  
EnQuest PLC*
     17,580  
  10,201  
Firstgroup PLC
     19,367  
  396  
Genus PLC
     8,542  
  5,991  
Go-Ahead Group PLC
     140,056  
  3,937  
Grainger PLC
     9,193  
  4,044  
Great Portland Estates PLC - REIT
     33,858  
  2,576  
Greene King PLC
     29,815  
  1,728  
Hammerson PLC - REIT
     13,399  
  53,981  
Hays PLC
     76,378  
  3,324  
Hikma Pharmaceuticals PLC
     48,871  
  53,533  
Home Retail Group PLC
     126,585  
  53,328  
HSBC Holdings PLC
     585,064  
  2,277  
IG Group Holdings PLC
     19,906  
  8,896  
Intermediate Capital Group PLC
     62,738  
  7,595  
International Personal Finance PLC
     59,578  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED KINGDOM (Continued)
        
  2,693  
Intu Properties PLC - REIT
   $ 13,806  
  25,950  
Investec PLC
     181,973  
  12,505  
ITV PLC
     24,764  
  803  
Jardine Lloyd Thompson Group PLC
     10,771  
  1,254  
John Wood Group PLC
     16,104  
  1,905  
Land Securities Group PLC - REIT
     26,871  
  153,873  
Lloyds Banking Group PLC*
     143,016  
  3,484  
Londonmetric Property PLC - REIT
     6,052  
  19,165  
Marston's PLC
     41,454  
  5,950  
Mitchells & Butlers PLC*
     34,129  
  3,820  
Mondi PLC
     50,283  
  4,744  
Next PLC
     331,757  
  3,034  
Ophir Energy PLC*
     18,102  
  23,387  
Pace PLC
     89,546  
  5,564  
Paragon Group Cos. PLC
     25,306  
  2,262  
Pennon Group PLC
     23,368  
  3,568  
Persimmon PLC
     65,613  
  2,697  
Persimmon PLC - Class B*
     3,073  
  14,337  
Premier Farnell PLC
     46,140  
  20,759  
Premier Foods PLC*
     22,715  
  1,755  
PZ Cussons PLC*
     9,986  
  3,569  
QinetiQ Group PLC
     10,032  
  4,921  
Reckitt Benckiser Group PLC
     351,893  
  2,664  
Rentokil Initial PLC
     3,636  
  8,879  
Restaurant Group PLC
     69,614  
  616  
Rightmove PLC
     19,075  
  2,937  
Rio Tinto PLC
     125,442  
  1,793  
Rockhopper Exploration PLC*
     3,562  
  8,131  
Royal Dutch Shell PLC - A Shares
     270,607  
  7,051  
Royal Dutch Shell PLC - B Shares
     243,069  
  739  
Schroders PLC
     26,382  
  2,925  
SEGRO PLC - REIT
     12,326  
  6,648  
Senior PLC
     27,537  
  2,432  
Shaftesbury PLC - REIT*
     22,666  
  13,776  
SIG PLC
     36,573  
  3,532  
Smith & Nephew PLC
     41,309  
  1,351  
SOCO International PLC*
     7,887  
  671  
Spectris PLC
     21,017  
  4,153  
Spirent Communications PLC
     8,443  
  5,469  
Standard Life PLC
     32,354  
  3,106  
TalkTalk Telecom Group PLC
     10,783  
  9,044  
Thomas Cook Group PLC*
     19,489  
  3,088  
Travis Perkins PLC
     75,053  
  29,520  
TUI Travel PLC
     159,397  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED KINGDOM (Continued)
        
  2,798  
Unilever PLC
   $ 117,531  
  1,689  
Vesuvius PLC
     9,709  
  156,126  
Vodafone Group PLC
     452,471  
  5,663  
WH Smith PLC*
     64,739  
  57  
Whitbread PLC
     2,482  
  11,790  
William Hill PLC
     78,801  
            8,475,535  
               
     
UNITED STATES – 42.4%
        
  4,700  
8x8, Inc.*
     38,869  
  4,500  
A Schulman, Inc.1
     130,050  
  7,400  
AAR Corp.
     148,444  
  17,200  
Abbott Laboratories
     630,724  
  2,400  
Abercrombie & Fitch Co. - Class A1
     120,192  
  35,700  
Activision Blizzard, Inc.
     515,151  
  2,600  
Advanced Energy Industries, Inc.*
     47,840  
  2,900  
AECOM Technology Corp.*
     89,291  
  1,900  
AFC Enterprises, Inc.*
     69,274  
  2,900  
Albany International Corp. - Class A
     92,046  
  1,800  
Alexandria Real Estate Equities, Inc. - REIT
     123,300  
  600  
Alexion Pharmaceuticals, Inc.*
     58,524  
  3,400  
Alliant Techsystems, Inc.
     266,968  
  6,900  
Allstate Corp.
     332,856  
  8,100  
Alpha Natural Resources, Inc.*1
     54,108  
  3,400  
Altra Holdings, Inc.
     97,954  
  9,100  
Altria Group, Inc.1
     328,510  
  2,400  
AMC Networks, Inc. - Class A*
     153,648  
  300  
AMERCO
     51,720  
  11,200  
American Capital Ltd.*
     149,296  
  3,600  
American Eagle Outfitters, Inc.1
     71,244  
  6,000  
American Electric Power Co., Inc.
     274,920  
  1,600  
American Financial Group, Inc.
     77,696  
  1,900  
American Greetings Corp. - Class A
     34,960  
  3,900  
American International Group, Inc.*
     173,394  
  5,700  
American States Water Co.1
     302,841  
  1,800  
American Tower Corp. - REIT
     140,112  
  700  
Ameriprise Financial, Inc.
     57,064  
  4,300  
AmerisourceBergen Corp.
     232,544  
  7,100  
Amgen, Inc.
     713,763  
  2,500  
Anadarko Petroleum Corp.
     218,675  
  2,500  
Andersons, Inc.
     127,350  
  600  
ANN, Inc.*
     18,408  
  3,500  
Annaly Capital Management, Inc. - REIT
     47,530  
  5,700  
AOL, Inc.
     197,562  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  1,100  
Apache Corp.
   $ 90,343  
  1,900  
Apogee Enterprises, Inc.
     50,692  
  4,000  
Apollo Group, Inc. - Class A*
     79,960  
  1,300  
Apple, Inc.
     584,584  
  23,700  
Archer-Daniels-Midland Co.
     763,851  
  13,500  
Ares Capital Corp.1
     231,660  
  10,100  
Arlington Asset Investment Corp. - Class A
     275,326  
  6,400  
Arrow Electronics, Inc.*
     254,464  
  900  
Arthur J. Gallagher & Co.
     39,312  
  2,500  
Associated Estates Realty Corp. - REIT
     41,075  
  15,900  
AT&T, Inc.
     556,341  
  2,000  
Atmos Energy Corp.
     84,440  
  400  
AvalonBay Communities, Inc. - REIT
     53,064  
  6,800  
Avery Dennison Corp.1
     295,800  
  1,500  
Avnet, Inc.*
     51,240  
  5,700  
Bank of America Corp.
     77,862  
  12,700  
Bank of New York Mellon Corp.
     381,762  
  1,000  
Banner Corp.
     32,080  
  4,500  
Belo Corp. - Class A
     50,490  
  2,800  
Berkshire Hathaway, Inc.*
     319,396  
  7,600  
Best Buy Co., Inc.1
     209,380  
  900  
BioMarin Pharmaceutical, Inc.*
     56,430  
  400  
BlackRock, Inc.1
     111,680  
  700  
Blount International, Inc.*
     9,394  
  9,300  
Boise, Inc.
     74,958  
  1,600  
BOK Financial Corp.
     104,160  
  400  
Bonanza Creek Energy, Inc.*
     14,860  
  6,100  
Booz Allen Hamilton Holding Corp.
     106,384  
  700  
Boston Properties, Inc. - REIT
     74,606  
  62,500  
Boston Scientific Corp.*1
     577,500  
  2,600  
Bravo Brio Restaurant Group, Inc.*
     46,800  
  1,000  
Bristow Group, Inc.
     62,850  
  700  
Broadridge Financial Solutions, Inc.
     18,998  
  15,100  
Brocade Communications Systems, Inc.*
     81,993  
  900  
Brown & Brown, Inc.
     29,043  
  7,700  
Brown Shoe Co., Inc.1
     160,160  
  9,000  
CA, Inc.1
     245,790  
  5,700  
California Water Service Group
     112,461  
  23,800  
Cambrex Corp.*
     327,488  
  1,100  
Capella Education Co.*
     47,916  
  2,900  
Capital Senior Living Corp.*
     76,125  
  7,100  
Cardinal Health, Inc.1
     333,416  
  12,500  
CareFusion Corp.*
     459,375  
  700  
Carlisle Cos., Inc.
     45,787  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  1,300  
CBRE Group, Inc. - Class A*
   $ 30,134  
  3,400  
Celgene Corp.*
     420,410  
  7,100  
Central Garden and Pet Co. - Class A*
     53,889  
  2,300  
CF Industries Holdings, Inc.
     439,208  
  3,600  
Chemtura Corp.*
     82,548  
  2,500  
Chesapeake Lodging Trust - REIT
     56,375  
  10,100  
Chevron Corp.
     1,239,775  
  1,800  
Chico's FAS, Inc.
     32,508  
  7,800  
Chimera Investment Corp. - REIT1
     23,790  
  1,400  
Chiquita Brands International, Inc.*
     14,140  
  600  
Chubb Corp.
     52,260  
  1,600  
Cimarex Energy Co.
     112,224  
  1,100  
Cinemark Holdings, Inc.
     32,274  
  2,400  
CIRCOR International, Inc.
     122,640  
  16,800  
Cisco Systems, Inc.
     404,544  
  19,300  
Citigroup, Inc.
     1,003,407  
  900  
CME Group, Inc.
     61,137  
  1,700  
CNO Financial Group, Inc.
     20,978  
  11,600  
Coca-Cola Co.1
     463,884  
  6,400  
Comcast Corp. - Class A1
     256,960  
  1,500  
Comcast Corp. - Special Class A1
     58,200  
  7,100  
Comerica, Inc.1
     280,379  
  2,200  
Community Health Systems, Inc.
     105,974  
  500  
Computer Programs & Systems, Inc.
     25,040  
  10,200  
Computer Sciences Corp.1
     455,022  
  1,600  
Compuware Corp.
     17,968  
  2,100  
CONMED Corp.
     69,153  
  800  
Contango Oil & Gas Co.
     27,984  
  300  
Cooper Cos., Inc.1
     33,903  
  2,600  
Cooper Tire & Rubber Co
     67,184  
  900  
CoreLogic, Inc.*
     23,580  
  600  
Coresite Realty Corp. - REIT
     19,272  
  4,635  
Corrections Corp. of America - REIT1
     162,920  
  14,200  
Cousins Properties, Inc. - REIT
     146,544  
  100  
Cracker Barrel Old Country Store, Inc.
     8,946  
  300  
Crane Co.
     17,925  
  1,900  
Cray, Inc.*
     34,599  
  800  
Credit Acceptance Corp.*
     91,088  
  3,100  
Crocs, Inc.*
     54,684  
  9,500  
CSG Systems International, Inc.*
     205,485  
  1,800  
CVR Energy, Inc.1
     113,058  
  16,000  
CVS Caremark Corp.
     921,280  
  700  
Cynosure, Inc. - Class A*
     17,437  
  4,700  
Dean Foods Co.*1
     49,303  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  1,100  
Deere & Co.1
   $ 95,821  
  3,200  
Delek U.S. Holdings, Inc.
     115,296  
  1,000  
Deluxe Corp.
     37,400  
  1,600  
DIRECTV*
     97,808  
  4,600  
Discover Financial Services
     218,086  
  1,100  
DISH Network Corp. - Class A
     42,394  
  1,600  
Dresser-Rand Group, Inc.*
     96,960  
  500  
DST Systems, Inc.
     34,090  
  2,900  
DTE Energy Co.
     193,169  
  2,000  
Duke Energy Corp.
     133,860  
  200  
DXP Enterprises, Inc.*
     11,814  
  1,300  
Dycom Industries, Inc.*
     29,575  
  2,500  
EarthLink, Inc.
     14,825  
  5,700  
Edison International
     261,858  
  13,100  
Electronic Arts, Inc.*1
     301,169  
  19,400  
Eli Lilly & Co.
     1,031,304  
  1,100  
EMCOR Group, Inc.
     43,725  
  9,800  
Emergent Biosolutions, Inc.*
     139,160  
  2,100  
Emerson Electric Co.
     120,666  
  900  
Encore Capital Group, Inc.*
     32,103  
  4,700  
Endo Health Solutions, Inc.*
     170,610  
  1,300  
EnerNOC, Inc.*
     17,394  
  1,600  
EPAM Systems, Inc.*
     37,056  
  1,800  
EPL Oil & Gas, Inc.*
     54,810  
  300  
Equity Lifestyle Properties, Inc. - REIT
     23,151  
  1,200  
Equity Residential - REIT
     67,860  
  300  
Essex Property Trust, Inc. - REIT
     47,142  
  400  
Esterline Technologies Corp.*
     29,356  
  20,800  
Exelis, Inc.
     252,720  
  2,400  
Express, Inc.*
     52,320  
  2,100  
Extra Space Storage, Inc. - REIT
     87,969  
  19,000  
Exxon Mobil Corp.
     1,718,930  
  10,700  
Fidelity National Information Services, Inc.1
     480,430  
  3,400  
First Commonwealth Financial Corp.
     24,514  
  5,700  
First Midwest Bancorp, Inc.
     75,012  
  2,800  
First Solar, Inc.*
     152,264  
  800  
Fiserv, Inc.*
     69,728  
  400  
FleetCor Technologies, Inc.*
     34,832  
  10,300  
Ford Motor Co.
     161,504  
  13,600  
Forest Oil Corp.*1
     61,880  
  26,100  
Frontier Communications Corp.1
     108,054  
  15,600  
GameStop Corp. - Class A1
     517,296  
  1,200  
Gannett Co., Inc.
     25,800  
  400  
Gardner Denver, Inc.
     30,200  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  38,400  
General Electric Co.1
   $ 895,488  
  2,200  
General Motors Co.*
     74,558  
  17,500  
Gentiva Health Services, Inc.*
     186,550  
  9,100  
Genworth Financial, Inc. - Class A*
     98,371  
  2,400  
Geo Group, Inc. - REIT
     83,568  
  4,300  
Global Cash Access Holdings, Inc.*
     28,380  
  4,400  
Goldman Sachs Group, Inc.
     713,152  
  400  
Google, Inc. - Class A*
     348,164  
  600  
Greatbatch, Inc.*
     19,326  
  900  
H.J. Heinz Co.
     65,124  
  3,900  
Hanmi Financial Corp.*
     61,386  
  700  
Hatteras Financial Corp. - REIT
     18,074  
  400  
Haynes International, Inc.
     19,576  
  1,600  
HCP, Inc. - REIT
     75,808  
  900  
Health Care REIT, Inc. - REIT
     61,227  
  1,500  
Helmerich & Payne, Inc.
     92,610  
  3,500  
Hershey Co.
     311,885  
  6,700  
Hess Corp.
     451,647  
  2,400  
hhgregg, Inc.*
     37,416  
  7,800  
HollyFrontier Corp.1
     386,100  
  6,300  
Home Depot, Inc.1
     495,558  
  3,500  
Honeywell International, Inc.
     274,610  
  8,300  
Horace Mann Educators Corp.1
     201,690  
  1,400  
Hormel Foods Corp.
     55,748  
  900  
Hospitality Properties Trust - REIT
     26,262  
  2,600  
Host Hotels & Resorts, Inc. - REIT
     46,254  
  22,000  
Hovnanian Enterprises, Inc. - Class A*1
     135,080  
  200  
Howard Hughes Corp.*
     19,920  
  3,900  
Humana, Inc.
     315,042  
  12,200  
Huntington Bancshares, Inc.1
     94,550  
  1,000  
Huntsman Corp.
     19,450  
  3,400  
IAC/InterActiveCorp
     164,832  
  2,100  
ICU Medical, Inc.*
     149,919  
  1,700  
Impax Laboratories, Inc.*
     32,215  
  500  
Informatica Corp.*
     18,180  
  1,300  
Ingram Micro, Inc. - Class A*
     24,843  
  3,500  
Ingredion, Inc.1
     238,420  
  12,600  
Inland Real Estate Corp. - REIT1
     129,402  
  3,700  
Innospec, Inc.
     151,811  
  3,200  
Insight Enterprises, Inc.*
     61,600  
  4,900  
Insperity, Inc.
     147,784  
  4,400  
Intel Corp.
     106,832  
  2,700  
International Business Machines Corp.
     561,654  
  1,200  
International Paper Co.
     55,380  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  1,400  
Invacare Corp.1
   $ 21,700  
  1,000  
Invesco Mortgage Capital, Inc. - REIT
     18,650  
  6,100  
ITT Educational Services, Inc.*
     146,217  
  1,300  
Jabil Circuit, Inc.
     26,078  
  11,200  
James River Coal Co.*1
     29,008  
  8,600  
Johnson & Johnson
     723,948  
  300  
Jones Lang LaSalle, Inc.
     27,549  
  13,700  
JPMorgan Chase & Co.1
     747,883  
  4,700  
Kelly Services, Inc. - Class A
     83,237  
  53,600  
KeyCorp
     577,808  
  7,100  
Kforce, Inc.
     105,719  
  4,600  
Kimberly-Clark Corp.
     445,418  
  1,600  
Kimco Realty Corp. - REIT1
     35,440  
  7,600  
KLA-Tencor Corp.
     427,804  
  1,500  
Koppers Holdings, Inc.
     61,755  
  10,700  
Krispy Kreme Doughnuts, Inc.*
     185,324  
  1,400  
Kroger Co.
     47,138  
  1,700  
Kulicke & Soffa Industries, Inc.*1
     21,080  
  500  
L-3 Communications Holdings, Inc.
     42,545  
  2,100  
Lear Corp.1
     125,958  
  2,800  
Lender Processing Services, Inc.1
     92,652  
  6,600  
Leucadia National Corp.1
     207,108  
  600  
Life Technologies Corp.*1
     44,460  
  1,500  
LifePoint Hospitals, Inc.*
     74,595  
  900  
Lincoln Electric Holdings, Inc.1
     53,820  
  4,300  
Lincoln National Corp.1
     153,338  
  4,700  
Loral Space & Communications, Inc.
     283,034  
  900  
LTC Properties, Inc. - REIT1
     37,449  
  2,800  
M&T Bank Corp.1
     293,720  
  500  
Macerich Co. - REIT
     32,455  
  1,600  
Macquarie Infrastructure Co. LLC
     87,168  
  7,600  
Macy's, Inc.1
     367,384  
  9,900  
Magnachip Semiconductor Corp.*
     183,150  
  1,000  
Manpowergroup, Inc.1
     57,270  
  9,800  
Marathon Oil Corp.
     337,022  
  1,000  
Marathon Petroleum Corp.
     82,500  
  900  
Marriott Vacations Worldwide Corp.*1
     39,825  
  2,400  
McKesson Corp.
     273,264  
  800  
Medifast, Inc.*
     23,048  
  15,800  
Medtronic, Inc.
     805,958  
  4,900  
Mentor Graphics Corp.1
     93,051  
  27,000  
Merck & Co., Inc.1
     1,260,900  
  7,200  
Meritor, Inc.*
     52,128  
  12,500  
MetLife, Inc.
     552,625  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  2,700  
MFA Financial, Inc. - REIT
   $ 23,706  
  18,300  
Microsoft Corp.
     638,304  
  3,900  
Monsanto Co.
     392,496  
  300  
Movado Group, Inc.
     10,830  
  900  
MSCI, Inc.*1
     31,716  
  1,400  
Mueller Industries, Inc.1
     76,230  
  4,000  
Multimedia Games Holding Co., Inc.*
     102,360  
  1,500  
Murphy Oil Corp.1
     94,980  
  6,500  
MYR Group, Inc.*
     131,560  
  700  
Myriad Genetics, Inc.*
     22,470  
  700  
National Health Investors, Inc. - REIT1
     43,589  
  500  
National Retail Properties, Inc. - REIT
     17,935  
  9,000  
Nelnet, Inc. - Class A1
     351,540  
  800  
Netscout Systems, Inc.*
     19,480  
  9,900  
New Mountain Finance Corp.1
     150,777  
  1,900  
New Residential Investment Corp. - REIT
     12,996  
  1,400  
New York Times Co. - Class A*
     14,798  
  1,900  
Newcastle Investment Corp. - REIT
     9,614  
  10,300  
Newfield Exploration Co.*
     245,037  
  1,400  
Newmont Mining Corp.1
     47,992  
  17,600  
News Corp. - Class A
     565,136  
  8,900  
Northrop Grumman Corp.
     733,271  
  5,100  
NV Energy, Inc.
     119,544  
  2,900  
Occidental Petroleum Corp.1
     267,003  
  100  
Ocwen Financial Corp.*
     4,278  
  1,000  
Oil States International, Inc.*
     98,500  
  1,500  
Omnicare, Inc.1
     69,045  
  4,200  
Oracle Corp.
     141,792  
  5,600  
OraSure Technologies, Inc.*1
     24,528  
  3,500  
Oshkosh Corp.*
     139,370  
  7,200  
Owens-Illinois, Inc.*
     197,640  
  400  
Packaging Corp. of America
     19,600  
  3,800  
Patterson-UTI Energy, Inc.1
     79,838  
  40,000  
PDL BioPharma, Inc.1
     330,000  
  4,800  
Peabody Energy Corp.
     94,416  
  1,100  
Pennsylvania Real Estate Investment Trust - REIT
     21,879  
  4,400  
PepsiCo, Inc.1
     355,388  
  1,700  
PetSmart, Inc.
     114,750  
  30,700  
Pfizer, Inc.1
     835,961  
  3,100  
PG&E Corp.
     139,221  
  11,000  
PharMerica Corp.*
     171,710  
  1,500  
Piedmont Office Realty Trust, Inc. - Class A - REIT1
     28,485  
  12,600  
Pilgrim's Pride Corp.*
     150,696  
  3,400  
Pioneer Energy Services Corp.*
     23,732  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  700  
Piper Jaffray Cos.*
   $ 24,997  
  1,300  
PNC Financial Services Group, Inc.
     93,132  
  4,400  
Polycom, Inc.*
     49,852  
  1,000  
Portland General Electric Co.1
     30,440  
  1,000  
Post Properties, Inc. - REIT
     47,800  
  900  
Potlatch Corp. - REIT1
     40,887  
  600  
PPG Industries, Inc.
     92,166  
  3,500  
Primerica, Inc.
     123,270  
  4,300  
Primoris Services Corp.1
     91,633  
  15,800  
Procter & Gamble Co.
     1,212,808  
  1,700  
Prologis, Inc. - REIT1
     68,510  
  10,600  
Prospect Capital Corp.1
     110,134  
  3,400  
Prudential Financial, Inc.
     234,498  
  700  
Public Storage - REIT1
     106,260  
  1,200  
Quest Diagnostics, Inc.1
     74,208  
  800  
Questar Corp.
     19,448  
  5,200  
Quicksilver Resources, Inc.*1
     11,544  
  11,600  
Ramco-Gershenson Properties Trust - REIT1
     181,076  
  900  
Raymond James Financial, Inc.1
     39,573  
  5,900  
Raytheon Co.1
     393,176  
  4,800  
Reinsurance Group of America, Inc.
     316,272  
  2,900  
Reliance Steel & Aluminum Co.
     190,733  
  800  
Retail Opportunity Investments Corp. - REIT1
     11,232  
  21,400  
Rite Aid Corp.*1
     62,916  
  1,000  
Rogers Corp.*
     46,270  
  1,800  
Rovi Corp.*
     46,440  
  4,800  
Sabra Health Care REIT, Inc. - REIT
     129,840  
  2,600  
Sanmina Corp.*
     35,308  
  7,900  
Santarus, Inc.*
     175,933  
  1,800  
Scholastic Corp.
     54,432  
  500  
SEACOR Holdings, Inc.
     38,395  
  3,700  
Select Comfort Corp.*
     82,103  
  17,300  
Select Medical Holdings Corp.
     136,670  
  3,900  
Senior Housing Properties Trust - REIT
     100,815  
  7,100  
Service Corp. International1
     127,658  
  800  
Silgan Holdings, Inc.1
     37,416  
  1,400  
Simon Property Group, Inc. - REIT
     233,016  
  17,000  
SLM Corp.1
     403,580  
  9,300  
Smith & Wesson Holding Corp.*1
     84,723  
  2,200  
Smithfield Foods, Inc.*1
     72,468  
  2,000  
Solar Capital Ltd.1
     46,000  
  400  
Solera Holdings, Inc.
     21,908  
  1,800  
Sonic Corp.*
     23,634  
  4,800  
Sonus Networks, Inc.*1
     15,408  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  800  
Sovran Self Storage, Inc. - REIT
   $ 51,896  
  7,500  
Spansion, Inc. - Class A*1
     102,750  
  1,800  
Spectra Energy Corp.
     55,026  
  5,000  
Spirit Aerosystems Holdings, Inc. - Class A*
     108,050  
  8,500  
Sprint Nextel Corp.*
     62,050  
  2,600  
SPX Corp.1
     205,192  
  2,200  
St. Jude Medical, Inc.1
     95,106  
  5,400  
STAG Industrial, Inc. - REIT
     118,800  
  4,900  
Standard Motor Products, Inc.
     165,620  
  1,000  
Starwood Property Trust, Inc. - REIT
     25,370  
  6,500  
Starz - Class A*
     150,020  
  900  
State Street Corp.1
     59,562  
  7,400  
STEC, Inc.*1
     26,196  
  1,200  
Steel Dynamics, Inc.
     18,408  
  2,000  
Steelcase, Inc. - Class A
     27,680  
  2,400  
Stewart Information Services Corp.
     66,456  
  3,200  
Stone Energy Corp.*
     72,032  
  4,500  
Stryker Corp.1
     298,755  
  4,200  
Summit Hotel Properties, Inc. - REIT
     41,454  
  2,700  
SunCoke Energy, Inc.*
     41,850  
  6,500  
Symantec Corp.*1
     145,535  
  9,600  
Symetra Financial Corp.
     134,016  
  300  
Syntel, Inc.
     19,173  
  1,900  
Taubman Centers, Inc. - REIT
     153,102  
  300  
Tech Data Corp.*
     15,036  
  600  
Techne Corp.
     39,906  
  1,100  
Telephone & Data Systems, Inc.
     25,575  
  12,600  
Tellabs, Inc.1
     26,082  
  4,900  
Tesoro Corp.
     302,085  
  8,900  
TETRA Technologies, Inc.*
     92,649  
  3,200  
TIBCO Software, Inc.*
     68,256  
  3,800  
Time Warner Cable, Inc.
     362,938  
  3,800  
Time Warner, Inc.
     221,806  
  2,500  
Timken Co.
     141,900  
  8,000  
Travelers Cos., Inc.1
     669,760  
  2,100  
Travelzoo, Inc.*1
     60,354  
  2,700  
TrueBlue, Inc.*
     63,558  
  1,500  
Tupperware Brands Corp.
     121,470  
  4,300  
Tutor Perini Corp.*
     79,636  
  31,200  
Tyson Foods, Inc. - Class A1
     780,000  
  900  
UGI Corp.1
     34,371  
  200  
UniFirst Corp.
     18,980  
  2,400  
Unisys Corp.*
     49,560  
  14,000  
United Online, Inc.
     95,340  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
COMMON STOCK (Continued)
        
     
UNITED STATES (Continued)
        
  1,100  
United Therapeutics Corp.*
   $ 73,117  
  7,300  
UnitedHealth Group, Inc.
     457,199  
  2,500  
Universal Health Services, Inc. - Class B1
     172,850  
  13,000  
Unum Group
     370,240  
  4,300  
USANA Health Sciences, Inc.*
     301,387  
  20,800  
Vaalco Energy, Inc.*
     127,296  
  7,400  
Valero Energy Corp.1
     300,662  
  100  
Valmont Industries, Inc.
     15,233  
  1,100  
Ventas, Inc. - REIT1
     78,507  
  9,300  
Verizon Communications, Inc.
     450,864  
  3,600  
Viacom, Inc. - Class B
     237,204  
  5,000  
Viad Corp.1
     123,300  
  1,500  
ViewPoint Financial Group, Inc.
     28,395  
  100  
Virtus Investment Partners, Inc.*
     23,186  
  1,800  
Visa, Inc. - Class A
     320,652  
  20,000  
Vonage Holdings Corp.*1
     54,800  
  600  
Vornado Realty Trust - REIT
     47,970  
  9,900  
Wal-Mart Stores, Inc.1
     740,916  
  5,000  
Walgreen Co.
     238,800  
  3,500  
Walt Disney Co.
     220,780  
  1,300  
Waste Management, Inc.1
     54,509  
  1,400  
Webster Financial Corp.
     32,690  
  29,100  
Wells Fargo & Co.
     1,180,005  
  9,400  
Western Digital Corp.1
     595,208  
  3,600  
Western Refining, Inc.
     120,132  
  300  
Westlake Chemical Corp.
     28,020  
  2,000  
Weyerhaeuser Co. - REIT
     59,640  
  1,201  
WhiteWave Foods Co. - Class A*1
     20,939  
  1,710  
WhiteWave Foods Co. - Class B*1
     28,281  
  600  
Worthington Industries, Inc.
     20,628  
  32,200  
Xerox Corp.1
     283,038  
  16,400  
Yahoo!, Inc.*
     431,320  
            71,567,585  
               
     
TOTAL COMMON STOCK (Cost $148,856,817)
     152,234,385  
 
Number
of Contracts
      
Value
  
               
     
OPTIONS – 0.6%
        
     
CALL OPTIONS – 0.0%
        
     
S&P 500 Index
        
  82  
Exercise Price: $1,725, Expiration Date: June 3, 2013
     —  
  81  
Exercise Price: $1,760, Expiration Date: June 22, 2013
     1,215  
     
S&P 500 Index - FLEX
        
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Contracts
      
Value
  
               
     
OPTIONS (Continued)
        
     
CALL OPTIONS (Continued)
        
  82  
Exercise Price: $1,738, Expiration Date: June 5, 2013
   $ —  
  81  
Exercise Price: $1,750, Expiration Date: June 10, 2013
     5  
  81  
Exercise Price: $1,770, Expiration Date: June 12, 2013
     4  
  80  
Exercise Price: $1,785, Expiration Date: June 17, 2013
     63  
  79  
Exercise Price: $1,795, Expiration Date: June 19, 2013
     32  
  80  
Exercise Price: $1,777, Expiration Date: June 24, 2013
     156  
  81  
Exercise Price: $1,765, Expiration Date: June 26, 2013
     497  
     
S&P 500 Index - Quarterly
        
  80  
Exercise Price: $1,770, Expiration Date: June 28, 2013
     1,600  
     
S&P 500 Index - Weekly
        
  81  
Exercise Price: $1,730, Expiration Date: June 7, 2013
     810  
  80  
Exercise Price: $1,770, Expiration Date: June 14, 2013
     4,800  
            9,182  
               
     
PUT OPTIONS – 0.6%
        
     
iShares MSCI EAFE Index Fund
        
  1,218  
Exercise Price: $54, Expiration Date: June 22, 2013
     9,744  
  2,445  
Exercise Price: $53, Expiration Date: July 20, 2013
     68,460  
     
iShares MSCI EAFE Index Fund - FLEX
        
  1,116  
Exercise Price: $59, Expiration Date: June 7, 2013
     20,674  
  1,597  
Exercise Price: $57, Expiration Date: June 14, 2013
     31,492  
  833  
Exercise Price: $53, Expiration Date: June 28, 2013
     15,828  
  1,117  
Exercise Price: $55, Expiration Date: July 3, 2013
     40,574  
  1,585  
Exercise Price: $55, Expiration Date: July 10, 2013
     60,720  
  1,767  
Exercise Price: $52, Expiration Date: July 25, 2013
     54,382  
     
iShares MSCI Emerging Markets Index
        
  1,063  
Exercise Price: $40, Expiration Date: June 7, 2013
     14,882  
  1,513  
Exercise Price: $39, Expiration Date: June 14, 2013
     15,130  
  1,161  
Exercise Price: $37, Expiration Date: June 22, 2013
     12,771  
  2,359  
Exercise Price: $37, Expiration Date: July 20, 2013
     63,693  
     
iShares MSCI Emerging Markets Index - FLEX
        
  801  
Exercise Price: $37, Expiration Date: June 28, 2013
     15,523  
  1,064  
Exercise Price: $38, Expiration Date: July 3, 2013
     34,833  
  1,566  
Exercise Price: $37, Expiration Date: July 10, 2013
     44,595  
  1,744  
Exercise Price: $36, Expiration Date: July 25, 2013
     43,870  
     
iShares Russell 2000 Index Fund
        
  366  
Exercise Price: $87, Expiration Date: June 7, 2013
     732  
  504  
Exercise Price: $89, Expiration Date: June 14, 2013
     3,528  
  397  
Exercise Price: $81, Expiration Date: June 22, 2013
     1,191  
  279  
Exercise Price: $81, Expiration Date: June 28, 2013
     1,116  
  770  
Exercise Price: $85, Expiration Date: July 20, 2013
     26,180  
     
iShares Russell 2000 Index Fund - FLEX
        
  366  
Exercise Price: $84, Expiration Date: July 3, 2013
     4,153  
  514  
Exercise Price: $85, Expiration Date: July 10, 2013
     11,338  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Contracts
      
Value
  
               
     
OPTIONS (Continued)
        
     
PUT OPTIONS (Continued)
        
  559  
Exercise Price: $85, Expiration Date: July 25, 2013
   $ 22,023  
     
S&P 500 Index
        
  82  
Exercise Price: $1,465, Expiration Date: June 3, 2013
     —  
  54  
Exercise Price: $1,425, Expiration Date: June 22, 2013
     4,320  
  81  
Exercise Price: $1,490, Expiration Date: June 22, 2013
     16,605  
  106  
Exercise Price: $1,480, Expiration Date: July 20, 2013
     60,420  
     
S&P 500 Index - FLEX
        
  82  
Exercise Price: $1,485, Expiration Date: June 5, 2013
     46  
  81  
Exercise Price: $1,490, Expiration Date: June 10, 2013
     3,267  
  81  
Exercise Price: $1,500, Expiration Date: June 12, 2013
     5,300  
  80  
Exercise Price: $1,520, Expiration Date: June 17, 2013
     13,235  
  79  
Exercise Price: $1,525, Expiration Date: June 19, 2013
     19,416  
  81  
Exercise Price: $1,480, Expiration Date: June 26, 2013
     16,294  
  50  
Exercise Price: $1,450, Expiration Date: July 3, 2013
     10,346  
  67  
Exercise Price: $1,490, Expiration Date: July 10, 2013
     30,806  
  76  
Exercise Price: $1,475, Expiration Date: July 25, 2013
     48,798  
     
S&P 500 Index - Quarterly
        
  37  
Exercise Price: $1,425, Expiration Date: June 28, 2013
     3,700  
  80  
Exercise Price: $1,500, Expiration Date: June 28, 2013
     32,000  
     
S&P 500 Index - Quarterly - FLEX
        
  80  
Exercise Price: $1,517, Expiration Date: June 24, 2013
     24,140  
     
S&P 500 Index - Weekly
        
  50  
Exercise Price: $1,525, Expiration Date: June 7, 2013
     3,000  
  81  
Exercise Price: $1,460, Expiration Date: June 7, 2013
     810  
  80  
Exercise Price: $1,510, Expiration Date: June 14, 2013
     11,200  
  69  
Exercise Price: $1,540, Expiration Date: June 14, 2013
     17,940  
            939,075  
               
     
TOTAL OPTION (Cost $959,892)
     948,257  
 
Number
of Shares
      
Value
  
               
     
PREFERRED STOCK – 0.4%
        
     
BRAZIL – 0.1%
        
  9,400  
Braskem S.A. - Class A*
     73,337  
  35,400  
Eletropaulo Metropolitana S.A.
     125,449  
            198,786  
               
     
GERMANY – 0.3%
        
  506  
Fuchs Petrolub A.G.
     43,293  
  1,787  
Henkel A.G. & Co. KGaA
     171,967  
  89  
Jungheinrich A.G.
     4,160  
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Shares
      
Value
  
               
     
PREFERRED STOCK (Continued)
        
     
GERMANY (Continued)
        
  3,483  
Porsche Automobil Holding SE
   $ 287,257  
            506,677  
               
     
TOTAL PREFERRED STOCK (Cost $698,459)
     705,463  
               
     
RIGHTS – 0.0%
        
  40  
Hopewell Holdings Ltd.*
     —  
     
TOTAL RIGHTS (Cost $—)
     —  
               
     
SHORT-TERM INVESTMENTS – 8.3%
        
  14,014,958  
JPMorgan Prime Money Market Fund - Agency Shares, 0.01%1 2
     14,014,958  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $14,014,958)
     14,014,958  
               
     
TOTAL INVESTMENTS – 99.5% (Cost $164,530,126)
     167,903,063  
     
Other assets less liabilities – 0.5%
     812,990  
               
     
TOTAL NET ASSETS – 100.0%
   $ 168,716,053  
 
Number
of Contracts
      
Value
  
               
     
SHORT SECURITIES – (0.9)%
        
     
OPTIONS – (0.9)%
        
     
CALL OPTIONS – (0.5)%
        
     
iShares MSCI EAFE Index Fund
        
  (2,701 )
Exercise Price: $65, Expiration Date: July 20, 2013
     (21,608 )
  (1,493 )
Exercise Price: $65, Expiration Date: August 17, 2013
     (19,409 )
     
iShares MSCI Emerging Markets Index
        
  (747 )
Exercise Price: $44, Expiration Date: June 22, 2013
     (5,976 )
  (748 )
Exercise Price: $45, Expiration Date: July 20, 2013
     (8,228 )
  (715 )
Exercise Price: $45, Expiration Date: August 17, 2013
     (17,875 )
     
iShares Russell 2000 Index Fund
        
  (375 )
Exercise Price: $99, Expiration Date: June 28, 2013
     (61,125 )
  (400 )
Exercise Price: $103, Expiration Date: June 28, 2013
     (11,600 )
  (251 )
Exercise Price: $100, Expiration Date: June 28, 2013
     (29,618 )
  (425 )
Exercise Price: $100, Expiration Date: July 20, 2013
     (61,625 )
  (250 )
Exercise Price: $101, Expiration Date: July 20, 2013
     (26,750 )
  (502 )
Exercise Price: $102, Expiration Date: July 20, 2013
     (44,678 )
  (250 )
Exercise Price: $103, Expiration Date: July 20, 2013
     (13,750 )
     
S&P 500 Index
        
  (82 )
Exercise Price: $1,645, Expiration Date: June 3, 2013
     (10,812 )
  (81 )
Exercise Price: $1,680, Expiration Date: June 22, 2013
     (25,920 )
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Contracts
      
Value
  
               
     
SHORT SECURITIES (Continued)
        
     
OPTIONS (Continued)
        
     
CALL OPTIONS (Continued)
        
  (34 )
Exercise Price: $1,650, Expiration Date: July 20, 2013
   $ (76,840 )
  (34 )
Exercise Price: $1,670, Expiration Date: July 20, 2013
     (48,280 )
  (36 )
Exercise Price: $1,705, Expiration Date: July 20, 2013
     (18,000 )
  (35 )
Exercise Price: $1,715, Expiration Date: July 20, 2013
     (12,775 )
  (69 )
Exercise Price: $1,710, Expiration Date: August 17, 2013
     (67,620 )
  (35 )
Exercise Price: $1,720, Expiration Date: August 17, 2013
     (27,300 )
     
S&P 500 Index - FLEX
        
  (82 )
Exercise Price: $1,658, Expiration Date: June 5, 2013
     (8,991 )
  (81 )
Exercise Price: $1,670, Expiration Date: June 10, 2013
     (11,579 )
  (81 )
Exercise Price: $1,690, Expiration Date: June 12, 2013
     (3,377 )
  (80 )
Exercise Price: $1,705, Expiration Date: June 17, 2013
     (3,702 )
  (79 )
Exercise Price: $1,715, Expiration Date: June 19, 2013
     (3,266 )
  (80 )
Exercise Price: $1,697, Expiration Date: June 24, 2013
     (14,473 )
  (81 )
Exercise Price: $1,685, Expiration Date: June 26, 2013
     (31,366 )
     
S&P 500 Index - Quarterly
        
  (35 )
Exercise Price: $1,660, Expiration Date: June 28, 2013
     (56,350 )
  (34 )
Exercise Price: $1,685, Expiration Date: June 28, 2013
     (15,300 )
  (80 )
Exercise Price: $1,690, Expiration Date: June 28, 2013
     (29,600 )
     
S&P 500 Index - Weekly
        
  (81 )
Exercise Price: $1,650, Expiration Date: June 7, 2013
     (41,310 )
  (80 )
Exercise Price: $1,690, Expiration Date: June 14, 2013
     (8,000 )
            (837,103 )
               
     
PUT OPTIONS – (0.4)%
        
     
S&P 500 Index
        
  (82 )
Exercise Price: $1,545, Expiration Date: June 3, 2013
     (8 )
  (81 )
Exercise Price: $1,570, Expiration Date: June 22, 2013
     (58,320 )
     
S&P 500 Index - FLEX
        
  (82 )
Exercise Price: $1,565, Expiration Date: June 5, 2013
     (2,500 )
  (81 )
Exercise Price: $1,570, Expiration Date: June 10, 2013
     (21,815 )
  (81 )
Exercise Price: $1,580, Expiration Date: June 12, 2013
     (37,604 )
  (80 )
Exercise Price: $1,600, Expiration Date: June 17, 2013
     (87,347 )
  (79 )
Exercise Price: $1,605, Expiration Date: June 19, 2013
     (99,420 )
  (80 )
Exercise Price: $1,597, Expiration Date: June 24, 2013
     (102,313 )
  (81 )
Exercise Price: $1,560, Expiration Date: June 26, 2013
     (58,930 )
     
S&P 500 Index - Quarterly
        
  (80 )
Exercise Price: $1,580, Expiration Date: June 28, 2013
     (96,000 )
     
S&P 500 Index - Weekly
        
  (81 )
Exercise Price: $1,540, Expiration Date: June 7, 2013
     (6,885 )
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
SCHEDULE OF INVESTMENTS – Continued
As of May 31, 2013 (Unaudited)
 
Number
of Contracts
      
Value
  
               
     
SHORT SECURITIES (Continued)
        
     
OPTIONS (Continued)
        
     
PUT OPTIONS (Continued)
        
  (80 )
Exercise Price: $1,590, Expiration Date: June 14, 2013
   $ (62,400 )
            (633,542 )
               
     
TOTAL OPTION (Proceeds $1,972,762)
     (1,470,645 )
               
     
TOTAL SHORT SECURITIES (Proceeds $1,972,762)
   $ (1,470,645 )

*
Non-income producing security.
1
All or a portion of this security is held as collateral for securities sold short and futures contracts.  At period end, the aggregate market value of those securities was $34,342,245.
2
The rate is the annualized seven-day yield at period end.

ADR – American Depository Receipt
GDR – Global Depository Receipt
PCL – Public Company Limited
PLC – Public Limited Company
REIT – Real Estate Investment Trust

See accompanying Notes to Schedule of Investments.
 
 
 
 

Aspiriant Risk-Managed Global Equity Fund
Notes to the Schedule of Investments
May 31, 2013 (Unaudited)

1.
Organization
 
Aspiriant Risk-Managed Global Equity Fund (the “Fund”) is a series of Aspiriant Global Equity Trust (the “Trust”) organized on November 22, 2011, as a statutory trust under the laws of the State of Delaware. The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The investment objective of the Fund is to achieve long-term capital appreciation while considering federal tax implications of investment decisions. Under normal circumstances, the Fund seeks to achieve its investment goal by investing at least 80% of its net assets in the equity securities in companies of any market capitalization. The Fund will hold a broad and diverse group of equity securities of companies in countries with developed and emerging markets. The Fund also will invest in securities that provide exposure to equity securities.
 
2.
Significant Accounting Policies
 
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
 
 
(a)
Valuations of Investments
 
Securities are valued at market value as of the close of trading (generally 4:00 p.m. Eastern time) on each business day when the New York Stock Exchange (“NYSE”) is open. Securities, other than stock options, listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter (“OTC”) market are valued on the basis of the last sales price as reported by NASDAQ®. If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ®. Stock options and stock index options traded on national securities exchanges or on NASDAQ® are valued at the mean between the latest bid and asked prices for such options. Securities for which market quotations are not readily available and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board of Trustees (the “Board”). Debt securities that mature in less than 60 days are valued at amortized cost (unless the Board determines that this method does not represent fair value), if their original maturity was 60 days or less or by amortizing the value as of the 61st day before maturity, if their original term to maturity exceeded 60 days.
 
The values of securities held by the Fund are determined as of the time at which trading in such securities is completed each day. That time, in the case of foreign securities, generally occurs at various times before the close of the NYSE. Trading in securities listed on foreign securities exchanges will be valued at the last sale or, if no sales are reported, at the bid price as of the close of the exchange, subject to possible adjustment. Foreign currency exchange rates are also generally determined before the close of the NYSE. On occasion, the values of such securities and exchange rates may be affected by events occurring between the time as of which determinations of such values or exchange rates are made and the close of the NYSE. When such events materially affect the value of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value in accordance with procedures adopted
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
Notes to the Schedule of Investments - Continued
May 31, 2013 (Unaudited)
 
in good faith by the Board. The values of any assets and liabilities initially expressed in foreign currencies will be converted to U.S. dollars based on exchange rates supplied by a quotation service.
 
The Board oversees the Trust’s Valuation Committee, whose actions are reported to the Board at least quarterly and more frequently, if appropriate.
 
 
(b)
Options
The Fund may write or purchase options contracts primarily to enhance the Fund’s returns and reduce volatility.  In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk.  When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased.  Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses.  The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss.  If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions.  The Fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.  The Fund, as a purchaser of an option, bears the risk that the counterparties to the option may not have the ability to meet the terms of the option contracts.

 
(c)
Short Sales
A short sale typically involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose the seller to the risk that it will be required to acquire securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss. When making a short sale, the Fund must segregate liquid assets equal to (or otherwise cover) its obligations under the short sale. The seller of a short position generally realizes a profit on the transaction if the price it receives on the short sale exceeds the cost of closing out the position by purchasing securities in the market, but generally realizes a loss if the cost of closing out the short position exceeds the proceeds of the short sale.

 
(d)
Stock Index Futures
The Fund may invest in stock index futures as a substitute for a comparable market position in the underlying securities.  A stock index future obligates the seller to deliver (and the purchaser to accept), effectively, an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made.  No physical delivery of the underlying stocks in the index is made.  Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position).  During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading.   Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred.   When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.  Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. The purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate the futures transaction.  There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
 
 
 
 
 
Aspiriant Risk-Managed Global Equity Fund
Notes to the Schedule of Investments - Continued
May 31, 2013 (Unaudited)

The Fund had the following futures contracts open at May 31, 2013:
 
Number of Contracts Long (Short)
  
Description
Expiration Date
  
Unrealized Appreciation (Depreciation)
  
  4  
SPI 200
June 2013
   $ (18,547 )
  3  
S&P/TSX 60 Index
June 2013
     3,043  
  58  
Euro STOXX 50 Index
June 2013
     24,515  
  1  
Hang Seng Index
June 2013
     (1,192 )
  10  
TOPIX Index
June 2013
     (96,687 )
  1  
MSCI SING Index ETS
June 2013
     (2,029 )
  217  
MSCI Emerging Markets Mini Index
June 2013
     (230,553 )
  41  
E-Mini S&P 500 Index
June 2013
     (5,095 )
            $ (326,545 )
 
3.
Fair Value Measurements and Disclosures
 
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those investments.  These inputs are summarized into three broad levels as described below:

 
·
Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities;

 
·
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or

 
·
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
 
 
 
 

Aspiriant Risk-Managed Global Equity Fund
Notes to the Schedule of Investments - Continued
May 31, 2013 (Unaudited)

The following is a summary of the inputs used, as of May 31, 2013, in valuing the Funds’ assets:

Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stock
                        
Australia
   $ -     $ 3,185,154     $ -     $ 3,185,154  
Austria
     -       155,439       -       155,439  
Belgium
     -       779,034       -       779,034  
Bermuda
     3,824,866       471,135       -       4,296,001  
Brazil
     3,835,773       -       -       3,835,773  
Canada
     4,787,921       3,704       -       4,791,625  
Cayman Islands
     385,488       480,112       -       865,600  
Chile
     1,720,805       -       -       1,720,805  
China
     -       790,008       -       790,008  
Curacao
     96,740       -       -       96,740  
Denmark
     -       316,810       -       316,810  
Finland
     -       519,206       -       519,206  
France
     -       3,069,682       -       3,069,682  
Germany
     -       2,956,376       -       2,956,376  
Hong Kong
     -       1,184,243       -       1,184,243  
India
     129,395       -       -       129,395  
Indonesia
     -       1,327,170       -       1,327,170  
Ireland
     1,554,257       26,936       -       1,581,193  
Israel
     -       70,891       -       70,891  
Italy
     -       1,036,937       -       1,036,937  
Japan
     -       9,222,044       -       9,222,044  
Jersey
     -       413,364       -       413,364  
Luxembourg
     -       9,524       -       9,524  
Malaysia
     -       4,348,121       -       4,348,121  
Malta
     -       37,927       -       37,927  
Mexico
     1,332,301       -       -       1,332,301  
Netherlands
     1,105,090       1,574,163       -       2,679,253  
New Zealand
     -       83,222       -       83,222  
Norway
     -       192,608       -       192,608  
Panama
     49,650       -       -       49,650  
Poland
     -       570,443       -       570,443  
Puerto Rico
     168,000       -       -       168,000  
Russian Federation
     461,100       298,805       -       759,905  
Singapore
     597,900       812,041       -       1,409,941  
South Africa
     166,768       3,771,774       -       3,938,542  
South Korea
     -       3,605,167       -       3,605,167  
Spain
     -       891,718       -       891,718  
Sweden
     -       1,583,159       -       1,583,159  
Switzerland
     477,243       3,383,748       -       3,860,991  
Taiwan
     78,372       2,506,385       -       2,584,757  
Thailand
     -       1,128,998       -       1,128,998  
Turkey
     -       613,548       -       613,548  
United Kingdom
     136,780       8,338,755       -       8,475,535  
United States
     71,567,585       -       -       71,567,585  
Purchased Call Options
     8,425       757       -       9,182  
Purchased Put Options
     367,422       571,653       -       939,075  
Preferred Stock
                                
Brazil
     198,786       -       -       198,786  
Germany
     -       506,677       -       506,677  
Rights
     -       -       -       -  
Short-Term Investments
     -       14,014,958       -       14,014,958  
Total Assets
   $ 93,050,667     $ 74,852,396     $ -     $ 167,903,063  
 
 
 
 

Aspiriant Risk-Managed Global Equity Fund
Notes to the Schedule of Investments - Concluded
May 31, 2013 (Unaudited)
 
Liabilities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Written Call Options
   $ (749,537 )   $ (87,566 )   $ -     $ (837,103 )
Written Put Options
     (223,605 )     (409,937 )     -       (633,542 )
Total Liabilities
   $ (973,142 )   $ (497,503 )   $ -     $ (1,470,645 )
                                 
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Futures Contracts
   $ (326,545 )   $ -     $ -     $ (326,545 )
 
As of May 31, 2013, the Fund did not hold any Level 3 securities.  Transfers into and out of all Levels are represented by their balances as of the end of the reporting period.  For the period ended May 31, 2013, there were no transfers among Levels.
 
4.
Federal Income Taxes
 
At May 31, 2013, the cost of securities on a tax basis and gross unrealized appreciation and (depreciation) on investments for federal income tax purposes were as follows:
 
Cost of investments
   $ 164,534,605  
         
Gross unrealized appreciation
   $ 7,553,024  
Gross unrealized depreciation
     (4,184,566 )
         
Net unrealized appreciation on investments
   $ 3,368,458  
 
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
 
 
 
 

Item 2.  Controls and Procedures.
 
 
a.)
The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) 17 CFR 270.30a-3(c))) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 193417 CFR 240.13a-15(b) or 240.15d-15(b)).  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
 
 
b.)
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
Item 3.  Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant
Aspiriant Global Equity Trust
  
     
     
By
/s/ Robert J. Francais
  
Title
Robert J. Francais, Trustee and President
  
     
Date
July 30, 2013
  
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By
/s/ Robert J. Francais
  
Title
Robert J. Francais, Trustee and President
  
     
Date
July 30, 2013
  
     
     
By
/s/ Hilarie C. Green
  
Title
Hilarie C. Green, Treasurer and Principal Financial Officer
  
     
Date
July 30, 2013